Estate Planning 101 – a quick fact about your last will and testament
A will does not prevent probate. To enable beneficiaries to inherit property, a will must go through the probate process. This process can take several months or even longer, and it incurs costs such as attorney fees, executor fees, and court fees. Additionally, your will and all related information (like your property and the identities of your beneficiaries) become part of the public record, accessible to anyone.
Approximately half of Americans lack a will, so if you’ve taken this crucial step to safeguard your assets and heirs, congratulations – you’re already ahead of the game. While having a will is essential for anyone with assets, it remains a relatively straightforward document that might not encompass everything you desire. To avoid or shorten the probate process you might want to think about developing an estate plan that includes a living trust, along with other vital documents such as a power of attorney for financial matters and health care directives. A will does not prevent probate, but it’s still an important part of your estate plan. Give us a call! (207)848-5600 or Contact
