Individuals need to recognize the difference between estate planning and financial planning and ensure they are carrying out both critical tasks, MyTexasLegacyPlan.com announces
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Humans have been writing wills for centuries now to ensure their possessions are distributed as they desire upon their passing. In fact, the oldest will found was in a tomb in Egypt in a tomb that dated back to 2500 BC. Sir Flinders Petrie, an archeologist, found the document during an excavation, although wills at that time were typically used to distribute real estate to loved ones left behind. Today, individuals continue to write wills, but many people neglect this basic task and their loved ones are harmed as a result.
The World Health Organization reports 56 million individuals die each year. In America, 55 percent of those who pass away in any given year do so without a will or estate plan in place. While men and women are paying more attention to estate planning, they fail to create a will. The numbers are higher in minorities communities with 74 percent of Hispanic adults lacking this crucial document. Every individual needs to have a will in place, however, as understanding probate law is beyond the grasp of most.
Probate is the process of settling one’s estate after their demise and involves many tasks. When an individual has a will in place, the process typically takes less time. Nevertheless, probate can take six months or more even with a simple will. One that is complex can actually take two years or more to resolve. Numerous factors ultimately determine how long the courts will take to complete the process and begin the process of distributing the possessions of the deceased.
One reason for the delay is creditors must be given time to respond and make a claim against the estate. During this period, loved ones are waiting for the matter to be resolved so they can take possessions of any assets left to them.
Young adults, however, often assume they don’t have enough assets to need a will at this time. In the 1990s, more than 90 percent of wills moving through probate were created by men and women 60 years of age or older. However, American families now spend an estimated $2 billion each year in probate costs, with much of this money going to attorney fees. As a result, the heirs receive less than the deceased intended when the document was created.
Furthermore, men and women of all ages need to understand a living will is not the same as a final will and testament. A document of this type outlines what an individual would like done in the event he or she is incapacitated. Fortunately, many individuals now choose to have this document prepared, with 41 percent of adults living in the country possessing a document of this type in 2007. The numbers have likely increased since then.
Another document many individuals now possess is a healthcare power of attorney. With this document, a person is named who will be responsible for making any healthcare decisions if the individual who requested the document becomes incapacitated.
Save your loved ones additional grief upon your passing. Contact Schultz & Kellar to begin the estate planning process. Never assume this is the same as financial planning. They are two separate tasks that are related. A failure to address either one can be time-consuming and costly as a time when loved ones are mourning. Save them additional pain by contacting this firm and beginning the process of planning for the future today.
Contact Info:
Name: Kustin Kellar
Email: Send Email
Organization: Shultz and Kellar
Website: https://www.mytexaslegacyplan.com/
Source URL: https://marketersmedia.com/schultz-kellar-reports-on-the-probate-process-and-potential-delays/88916523
Source: MarketersMEDIA
Release ID: 88916523
