Avoiding Probate -Why Should I?

We discussed the complexities of the probate process briefly in a previous article, now let’s spend some time and look at why, perhaps, you might want to avoid the probate process altogether. We may not know exactly why we should avoid the probate process, but there are, in fact, a couple of good reasons, so let’s take a look at them quickly now.

  • It can tie up property for months, potentially even up to a year!

In our society of give-it-to-me-now instant gratification, we don’t like to wait. Heck, we don’t even like waiting for our phone to boot up when we turn it on. Why in the world would we want to drag our heels on something that was promised to us in a will perhaps over a year ago? We wouldn’t. Simple as that. And when there are many more options available instead of probate, the decision to skip can not only make things go faster, but it can also make things much easier to deal with in the long-term.

The second reason is—

  • It’s expensive!

The truth of the matter is that the economy is getting better, but it’s never going to be where it used to in regard to the cost of things. And one thing is for sure, probate is expensive. In some states, fees can even take up 5% of an estate’s value. Sure, 5% doesn’t seem like a lot, but when it’s added into all those other expenses that come the aftermath of losing a loved one, it may be simpler (and cheaper) to opt out of probate altogether. Those involved will thank you, and your wallet will too. And let’s be honest, we all want a happy wallet, right?

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

Guardianship for Minors

No one wants to think that one day they’ll have to leave people they love behind. After all, it isn’t a pleasant thought, leaving anyone—let alone children who may or may not be old enough to understand what’s happening. We want to ensure that our children (or grandchildren) will be well taken care of, even if we ourselves won’t be there to see it through, and we can do that through what’s called a guardianship. We’ve covered it previously, but let me explain a bit further now.

There are a few ways in which a guardian can be named: either through a will or by the Surrogate Court. However, designation via Surrogate Court normally only takes place if a minor receives some kind of inheritance or proceeds from a lawsuit. In this case, any monies normally deposited in the County Surrogate’s Office Intermingled Minor Account will then be held until the child or children reach eighteen years of age.

There’s also a third option available. With this option, a guardian is also able to post a bond and invest any and all monies on behalf of the minor child or children. What’s more—if the minor is left any real property that the guardian wishes to sell, he or she must first get the court’s permission to do so.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.