Estate planning can help ensure that you’re well prepared and that your legacy is protected. However, without the proper plan and ongoing advice, transferring assets to an heir can be challenging for the following reasons.
- Probate is required before beneficiaries can receive their inheritance. Obtaining probate can be a lengthy process, taking up to nine months or longer if contested.
- Estate and probate fees can substantially erode the value of your estate, reducing the amount received by your beneficiaries.
- The probate process is not private, and details of your estate will be open to public scrutiny. In some cases, this can cause conflict among loved ones.
- Emotions among family and friends will likely be high throughout the estate settlement process. An estate plan can help to minimize hurt feelings.
Failing to address these factors may lead to unnecessary delays, disputes, and financial consequences. Our team of professionals will take you through our estate planning process to help you determine your goals and implement a plan to ensure your estate heirs receive their assets quickly, confidentially, cost-effectively, with minimum discord.
Estate Planning Process
- Calculate retirement income needs
- Confirm intentions for estate distribution
- Create an estate distribution plan
- Review and evaluate tax minimization strategies
- Formulate estate documentation
- Monitor and review