Probate
Probate is yet another aspect of Wills. When an attorney represents your Will before the court it is called probate. Wills must go through probate and this can sometimes last for 9 months and maybe longer. It can also be fairly expensive costing anywhere from 2 to 5% or more of the total value of your estate.
Often there is such conflict in families that settling the estate is so long and drawn out to the point that only the lawyers seem to benefit because all the assets are eaten up in legal fees. Dealing with the death of a loved one is difficult enough without having to be embroiled in battle with family members over the authenticity of the Will and whether heirs have a legal right to what has been articulated in the Last Will and Testament.
Wills can always be changed, but it is far better to outline the details of your Will when we are really of sound mind and body, not when our mental and physical faculties can be called into question. However, if you become incapacitated during your life time, your Will is completely irrelevant to your health and physical state. Wills are only implemented once you pass away. It is important to name a trustee or give someone “Power of Attorney” if you see that your health and competency might become an issue.
If no one has been named to speak for you in the event of incapacity or incompetency, the court will step-in and decide how your medical treatment and distribution of assets are handled. Planning allows us to have a say in how we want things done. Planning also helps us prevent needless fighting amongst family members so that we can celebrate the lives of our loved one when they pass on.
P. S. Always Remember to Share What You Know.
