Your days may be spent doing all the work you can to pass on wealth and assets to your children, spouse, and other loved family members. Your ultimate hope may be that your family will be "set for life." What you may not know or realize, though, is that probate issues and problems could affect your family in such a way that they don't benefit from your hard work until the court has ruled on those issues. To help relatives and reduce problems, consider these forward-thinking suggestions.
1-Make Changes Now
Delaying estate planning and probate research are easy when you're still working. However, because no day is promised, you need to begin the work today. Talking with professionals and taking appropriate actions will help clear away probate issues which could become obstacles if you never get started.
Paperwork and consultations aren't the only things that need to be done right away. Look around in your life for actions which need to happen that you're putting off for no good reason. For example, if you plan to have your oldest child take over your company, that should be started soon. Not only will they have more time to prepare, but should anyone want to challenge your child in court, they will be less likely to be successful. In fact, you may be able to file legal documents now which give your child the company today. Look for similar fixes so that probate court is unnecessary.
2-Pay Down Bills
Your current bills can show up in probate court if they're not completely paid when you pass away. This can cause delays in disbursements to your family. Therefore, start planning how you'll get rid of different bills quickly. Instead of eating out, for example, you may just work on paying down the bills you've got so you leave as little debt as possible for your family to deal with.
3- Talk to Relatives
Many people just want to be left alone as they do estate planning. They don't want to deal with different opinions, tears or arguments. This desire to avoid confrontation could, in fact, cause probate problems later. Make it your business to talk candidly with relatives about how you plan to divide your assets and your reasons for different choices. This may help them process any feelings and disagreements now before you pass away.
With these suggestions, issues concerning probate are less likely to touch your relatives. Meet with probate attorneys regularly to update records and ensure your estate will be administered without trouble. For more information, contact a lawyer like David R Webb Attorney.Share