Estate planning attorneys can provide assistance to clients in making an estate plan that will allow for the timely and efficient transfer of assets after the probate process has been completed. The probate process can take a long time to be completed, with Investopedia estimating that it may take a year or longer for probate to take place. If problems arise during probate, the process can end up lasting an even longer time and costing even more than it normally does, creating hardship for heirs or beneficiaries and reducing the value of their inheritance.
There are steps you can take to try to make sure your money and other property are able to transfer quickly and seamlessly to new owners and Unsworth LaPlante, PLLC can provide the advice that you need during the estate planning process to identify and take those steps. You should give us a call to find out about how our firm can help you with the estate planning process and how our firm can help you to make sure your loved ones are able to transfer your wealth in a timely and cost-effective way.
Why Your Family Needs to Know Where Your Assets Are
The key reason to make sure your family knows where your assets are is to make certain that your assets do not go unclaimed by your heirs or beneficiaries. ABC News, for example, reported on a family who discovered around $15,000 in unclaimed assets in accounts that a deceased relative had lost track of. You may have money owed to you that your family does not know of, accounts that your family doesn’t know exists, or even real estate your family does not know that you own. If you have any assets that your family is unaware of, they may not know to look for the wealth that you own and the money may go unclaimed after your death. You don’t want your wealth to be lost because your loved ones do not know that it exists and take the necessary steps to transfer its ownership.
If your family does know that some of your assets exist but they are unsure of where the money or property is actually located, this can also cause substantial losses during the probate process. The problem is, your loved ones may be forced to hire professionals or experts to try to track down the missing assets. For example, your loved ones may need to hire a forensic accountant to try to figure out exactly what assets they should be looking for and how much of your wealth they cannot find easily. Your loved ones may also need to hire private investigators to try to track down the assets that they know you have but that they cannot discover on their own or with the help of a forensic accountant.
If your loved ones must pay experts to try to find your wealth so it can be passed on to new owners, the costs associated with finding the assets can substantially reduce the value of the inheritance that you leave behind and can leave your loved ones with far less of an inheritance than they would otherwise have received.
Getting Help from Estate Planning Attorneys
Estate planning attorneys can provide you with support and advice as you make your plans for what will happen to your assets after you pass away. Unsworth LaPlante, PLLC will work with you to use legal tools to facilitate the transfer of assets and to ensure that heirs or beneficiaries know exactly where assets are so wealth can be passed on to new owners without any added cost or complication. To find out how our firm can help you with the estate planning process, join us for a free seminar. If you are ready to make your personalized estate plan to secure your legacy and provide for your loved ones, give us a call at (802) 879-7133 or contact us online now.
Latest posts by Ellen LaPlante (see all)
- How Is a Power of Attorney Used in Estate Planning? - March 11, 2019
- Preserve Resources With a Medicaid Trust - January 23, 2019
- Veterans Aid and Attendance Special Pension Can Ease the Burden - December 26, 2018