Estate Planning and Probate

Estate planning is essentially a formal legal term that means planning for death. Estate planning involves the collection of steps you need to take to make sure that your loved ones are provided for in the best possible way after you are gone. These steps include both lifetime planning as well as taking steps to ensure fair and reasonable distribution of property at death. Taking the time to go through the process of estate planning is important because if you do not make decisions regarding who will take care of your small children or who will settle your financial affairs, the court will make these decisions for you.

Tools used in estate planning, including wills and trusts, work to protect your assets, to help you to minimize tax consequences of your passing, and to ensure your wishes will be carried out after your death. Unfortunately, planning your estate can be very complicated if you have multiple assets. While every estate plan should start at the same point- deciding who needs your support and how you want to protect them- you will need to seek the advice of a competent legal professional to make sure you put estate planning tools to their best use. As difficult as it is to sit down and plan for the day when you will no longer be here, remember that it is essential and is a real show of love for your family and friends.

After you are gone, the court will review your will and the distribution of your assets in a process called Probate. During probate, the court will look at your will to see whether it is authentic and consistent with state requirements for wills. The courts will also make sure that all debts are settled and that all taxes are paid. Once the will is validated and the personal representative you appoint to manage your assets can show the courts that all claims have been paid, then the representative is free to pay out the balance of the estate to the beneficiaries in the will. Typically, the probate process takes between six months and a year. Heirs will not get their inheritance until the process is complete.

There are also rules the court follows regarding who will receive your assets when there is no valid will. These rules are known as “intestacy” laws. Generally, your spouse will get your probate estate outright, or share it with your children from a prior marriage. If there is no surviving spouse or children, your estate will be distributed to other family members. If no family members survive, then the state where the property is located becomes the default owner.

DC Law Group can assist you with proper estate planning so that you do not give up your right to make decisions about your possessions and your children after you are gone. Our lawyers can also help you to file the necessary court documents to probate the will of a family member or loved one