Most people believe that when they die, their spouse or children will automatically inherit their assets.
If they have no children, they believe their assets will pass immediately to their closest living relatives so that having a Last Will or other form of estate planning is simply unnecessary.
Nothing Could Be Farther From The Truth.
In Florida, like most states, whether you have a Will or not, in order for your assets to be given to your heirs, such as children or others you wish to receive an inheritance, a probate court proceeding is usually required.
What are Assets?
They include everything you own of value, such as real estate, personal items, bank accounts, investments, cash, cars and boats.
What is a Probate Court Proceeding?
Probate is a legal process, also known as estate administration that takes place after you die. The court oversees the payment of your debts and distribution of your assets, whether or not you have prepared a Will.
Unfortunately, in most cases, an attorney must be hired to request approval from the probate court to distribute your assets according to your Will, or by state law if you have no Will.
At least by preparing a Will you give the court and attorney a road map of how you want your assets to be distributed. Without a Will, the court and the attorney must follow state law to distribute your assets.
Before receiving any inheritance at all, your heirs must pay for attorney fees, court costs, publication fees, and more. These costs could be as much as 6% of the total sum of your assets, or higher.
Will your loved ones be able to afford these costs?
And the probate process takes time: It may take 6 months to 2 years, or even longer, for your heirs to receive their inheritance. Wouldn't it be fantastic if your assets could be distributed immediately after you die without the need for courts or attorneys? It is possible. A Revocable Trust is one way.
What is a Revocable Trust?
Unlike having a Last Will or having no will at all, a Revocable Trust can eliminate the need for probate. Your assets can be distributed immediately without any need for courts or attorneys.
Statistically, 55% of people don't prepare a Will and of the other 45% that do, only 1 out of 10 prepares a Trust.
Don't become a statistic and leave your family or loved ones facing the high cost of attorneys and court fees for probate after you die.
DO YOUR ESTATE PLANNING NOW! Call Jackson Law today!