Estate planning attorneys provide guidance with taking control over the legacy that you want to leave behind. There are many issues that can arise that affect your ability to provide a desired inheritance to your chosen heirs or beneficiaries. Problems and complications can arise with any size estate during the probate process, which is why it is so important for those making an estate plan or for individuals going through the probate process to work with an experienced attorney to help reduce the chances of problems occurring. However, while there is always the chance of complications during probate, larger estates make the probate process even more difficult.
As you make your estate plan, it is important to understand the special legal issues that arise during probate. Unsworth LaPlante, PLLC can help you to analyze the issues that could arise based on the size of your estate and the types of assets you are passing on and can assist you in creating the right plan to address those issues and ensure your wealth can pass seamlessly onto heirs or beneficiaries. To find out more about how our legal team can help you, give us a call today.
Special Legal Issues that Arise with a Large Estate
If you have a larger estate, a number of different issues could arise that make the probate process much more complicated than it would otherwise be. Some of the key issues that are more likely to occur during the process of probating a substantial estate include:
- The possibility of estate tax being owed: While an unlimited amount of wealth can be passed on from one spouse to another after death without an estate tax being due, if assets are transferred to other heirs or beneficiaries, then taxes could be owed. The estate may need to pay taxes if the taxable value of the estate exceeds $5.6 million as of 2018.
- The possibility multiple probate proceedings will be necessary: When property is owned in multiple jurisdictions, it may become necessary for multiple probate proceedings to take place in each of the counties where property is owed. This is much more likely to occur when the deceased person (the decedent) had a substantial estate and may have owned property in different cities or states.
- An increased chance of a last will and testament being contested: A last will and testament could be contested any time potential heirs or beneficiaries do not like the will and have reason to believe the will may not be a valid one. However, when the estate is a larger, more valuable estate, this creates an added incentive for someone to challenge the will.
- Difficulty with the management and transfer of assets: An executor of an estate is in charge of managing estate assets, finding all of the assets that are part of the probate estate, and facilitating the transfer of estate assets to heirs or beneficiaries who will become the new owners of the estate assets. If there are many assets because the estate is a large one, it can be more complicated to track down all estate assets, make a complete accounting of estate assets, manage those assets, and facilitate the transfer by changing titles, deeds and other paperwork.
Unsworth LaPlante, PLLC can assist you in determining if any of these issues are likely to arise during the probate process and can also help you to understand other complications that could occur during the probate process.
Getting Help from Estate Planning Attorneys
Estate planning attorneys at Unsworth LaPlante, PLLC can help you to address these special issues as well as any other complications that arise if you have a large estate you want to pass on to heirs or beneficiaries. We also provide assistance to clients with all different levels of income and assets. Our compassionate and knowledgeable legal team will personalize our representation to you to make sure you can provide for your loved ones after you are gone and to make sure you can leave behind the legacy that you desire.
To learn more about the legal services our firm provides with the legacy planning process, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online at any time so you can find out more about how our firm can help you.