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Timothy R.
Alles, P.C.
attorney and counselor
Focused On You |
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Let's Talk About... |
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DO YOU REALLY NEED TO AVOID PROBATE? |
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Fred recently entered the office of a Medicaid Practice Network (MPN) attorney asking for a trust. The attorney asked Fred why he thought he needed a trust, and Fred responded, “Well, I know I need to avoid probate and I heard that’s the way to do it.” The attorney inquisitively asked, “Have you had any experience with probate?” Fred said, “I’m not quite sure what it is, but I know I need to avoid it because that’s what everybody tells me.”
The MPN attorney then began to explain probate to Fred as the legal process where the named executor presents the Will to the court to have it “proved” so the executor can be appointed. The process requires the completion of a probate petition and signed consents by all heirs of decedent, even if they aren’t named in the Will. The attorney clarified that probate can get extremely complex if the heirs do not sign the consent forms when mailed to them. In fact, failing a “Will contest” occurs not by any action of the heirs, but merely by refusing to sign the consent when forwarded to them.
Read the entire article Click here
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Important Information. The information contained in this newsletter is written to be accurate and educational. By its nature it is general. For that reason, no one should take any action based on the information contained in this newsletter until having consulted a competent professional advisor or advisors. Some links in the newsletter may lead to other places on the worldwide web. We do not necessarily sponsor, endorse or otherwise approve of the materials appearing in such sites. Nothing contained in this newsletter was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties under the Internal Revenue Code. No information contained in this newsletter relating to any federal tax matter may be used by any person to support the promotion or marketing or to recommend any federal tax matter. Taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter described in this newsletter. |
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