What is the difference between probate and estate planning
While retirement planning is something you can do with the help of a financial advisor, only a qualified attorney can assist you with estate planning. Wills and trusts also differ in the property they are able to exert control over.
Contact your attorney to determine whether your property is being distributed the way that you want it to. For more information on probate, click here. For more information on estate planning, click here. Search for Elder Law Attorneys.
What Is the Difference? This can include the following: For purposes of calculating any estate tax you may owe at death, some non-probate assets may still be included in your taxable estate.
For example, you may own insurance on your life with a named beneficiary.What is the Difference Between Probate v Non Probate Assets in Estate Planning?
This will pass to the beneficiary as a non-probate asset, but the entire death benefit will be counted in calculating the amount of your taxable estate unless the policy is owned by an Irrevocable Life Insurance Trust, a. Moreover, the probate courts in Connecticut impose a probate fee on the amount of your taxable estate, which is often larger than the probate estate because it can include non-probate assets.
Consequently, a probate fee may be due even if there are no probate assets!
So, unfortunately, avoiding probate does not translate into avoiding probate fees. You are commenting using your Facebook account. Notify me of new comments via email. Enter your email address to subscribe to this blog and receive notifications of new posts by email.
Posted on January 14, by Chris Guest. Examples of non-probate assets include: Wills only control assets after the testator dies.
What Is the Difference Between Estate Planning and Probate?
Blackthorn to A for life, then to B. Assets owned by your Revocable Living Trust.
With proper planning you can minimize or even eliminate the probate process. There are several tools which sidestep probate including life insurance, living trusts, and joint ownership agreements.
A knowledgeable attorney can help to determine what course of action is best for you. If you fail to create an estate plan, and in the absence of a will, the government will distribute your belongings according to probate laws.
Without a valid executor, a court appointed representative will be in charge of how your estate is divided. Many times this will go directly against what you may have wanted. The court may also choose an executor, such as a spouse, if that person would have reasonably been chosen by the deceased.
Creating a detailed estate plan and preparing for probate can allow your inheritors timely access to your assets and save them from the headache of an extended period of probate. Our Nassau County estate planning attorneys at the Davidov Law Group can help you plan for the future and ensure your legacy carries on exactly as you intend.
It is never too early to start planning for your future.
Contact us and schedule a personal consultation today.