Most people don’t know much about probate, trusts or wills—after all, these topics are taboo for many. However, everyone should know enough to recognize common myths. Below are some of the most widely-held misconceptions that an Estate Planning Lawyer in Bainbridge Island can help to dispel.
The State Gets it All When Someone Dies Without a Will
There are many reasons to have a will, but keeping the state from taking the family inheritance isn’t one of them. If someone dies intestate (without a will), state law takes over. Spouses and children are typically first in line, but in some places, they will share the decedent’s assets. The only time a person’s estate goes to the state is if no relatives can be found. Even if the state isn’t going to get someone’s assets, it’s still a good idea to write a will so the owner can decide who gets what.
Probate Can Take Years
Most estates are wrapped up fairly quickly. In most cases, the only delay is the state-mandated period that allows creditors to file claims against the estate. This window typically starts when notice of the proceedings is published in the newspaper, and it can run for several months or even a year. Following that, the estate may be closed as soon as the executor can gather assets, pay taxes and debts and distribute property in accordance with the decedent’s wishes.
Probate Fees Will Consume the Entire Estate
There are numerous horror stories on the cost of probate, and if they’re to be believed, many would think that their families won’t get much once the court costs and attorney’s fees are paid. Thankfully, that’s not true. Most estates don’t even have to go through probate; only assets solely owned by the deceased must be submitted. If these assets are nominal in value, an Estate Planning Lawyer in Bainbridge Island can help them expedite the process.
There are many misconceptions about wills and estates, and some of them can be costly. However, with a lawyer’s help, a client can cut through the confusion and handle a family member’s estate in a dignified fashion. Consult a local lawyer today for answers to most estate planning questions.
