What Are the Downsides Of Going Through Probate?

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Probate refers to the legal process in which your estate is distributed to your heirs, either according to your wishes or according to intestate succession rules. One of the most common aspects of estate planning is to minimize the impact of probate and to remove as many assets as possible from your probate estate. You can work with a lawyer in New Hampshire or Maine to create an estate plan that carries out your wishes after you pass away.

Although probate does provide for reliable procedure for the distribution of your property in the absence of a will, or enforces and validates the wishes of the deceased if a will exists, there are several different cons. The first of these is that probate is a matter of public record, meaning that many documents may become accessible to the public. There might also be substantial costs, including executor fees, court fees and attorney fees, and probate can be very time consuming.

The inheritance payment to your beneficiaries may be delayed by months or even years and that’s assuming there are no additional estate disputes, such as someone alleging that the will is invalid. In order to discuss your options for minimizing the impact of probate and removing as many of your assets as possible from it, it is best to work directly with a qualified and experienced estate planning lawyer.

You may be eligible to use other estate planning strategies like the creation and funding of a trust to ensure that your beneficiaries receive their assets as soon as possible and in a streamlined and private manner. Contact our NH estate planning law office to begin discussions about the best planning tools for you.

 

 

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Will I Automatically Inherit My Husband’s House?

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With no New Hampshire estate plan in place, your family could be exposed to serious issues with housing. Depending on how the home is owned and deeded, it might become a thorny part of your NH probate.automatically

Many people cannot afford to make estate planning mistakes that would jeopardize their ability to let their loved ones move on during this very difficult time. This is where the support and experience of a knowledgeable estate planning lawyer can be instrumental in protecting those interests. Naming someone on a deed is one possible way to transfer property to them but smart estate planning can make this process easier and minimize some of the problems.

Part of this will also depend on whether or not they have put together a will. A will allows you to name who will receive your property if something happens to you. With no will, even naming someone on the deed does not necessarily mean it will automatically transfer to them. If your home is “split” between your spouse and children and they don’t all agree as to what happens to it after you pass away, this can cause conflict, too.

If your spouse has surviving children from a previous marriage, this would mean that you may not be eligible to inherit the entire estate. Having a will that clearly stipulates who receives what and how can help you avoid these kinds of problems. Set aside a time to speak with an estate planning lawyer today if you own real property and would like to protect it or pass it on to a specific loved one.

If you need assistance with creating a NH estate plan addressing your needs, schedule a call with our office today.

 

 

What Is the Difference Between Intestate and Probate?

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When you pass away without a will, you are said to have died intestate. This means there is no documented plan for what will happen to your assets. In these cases each state has specific rules about who will receive your assets and how those will be divided. This is a leading reason why it’s important to set aside a time to meet with an attorney to create a will.

There’s plenty of confusion between the concepts of intestate and probate. These two ideas refer to different things. For example, intestate refers to dying without a will and what happens if the court disproves a will. If the will is not approved by the court, then the decedent could also have been said to have passed away intestate. Probate, however, is the process of verifying or proving the authenticity of a will in court and the plan for disposing of assets in the manner desired by the person who created the will. Probate will also refer to the court’s function in distributing any assets inside your estate if you pass away without a will.

The will is used to direct your personal representative on how to distribute your assets but if one does not exist then a judge will distribute your assets in a manner that is consistent with state law.

In New Hampshire, your estate will go entirely to your children if you don’t have a surviving spouse. It gets more complicated following a formula if you have both a surviving spouse and children from that or another marriage.

To avoid the mismatch of intestate succession with your existing estate plan desires set aside time to speak with an estate planning attorney in NH.