Frequently Asked Questions

If you do not have an Estate Plan, the state has one for you and you are not going to like it...it is called Probate Court. The court will appoint a representative to manage your assets which includes deciding on who will receive your assets, who will raise your minor children,  and  the court will decide which heirs receive your assets. 

An Estate Plan can provide for your medical and financial needs if you are incapacitated temporarily (such as an accident or illness) or permanently (as you age and have dementia or alzheimer's). Without the right Estate Plan, no one can access your accounts, pay your bills, communicate with creditors, make decisions, or authorize medical treatment. The Probate court will select your personal representative which may be the last person in the world you would want be be in charge. 

The law does not care which family members have supported you and which ones are self-centered spendthrifts. If you die without a Trust to specify how your assets should be distributed, the Probate Court will determined who gets your assets.  This may result in an unfavorable distribution of your property, with unintended beneficiaries receiving shares that you would not a have chosen yourself. 

A Will still requires the handling of your Assets through a Probate Court.  It will only assist the Court with understanding your wishes regarding the distribution of property.  

Anyone can access information from a Probate Court. Relatives and creditors could get your probate records to challenge your Estate.  Probate fees can be substantial, even for the most basic case . Attorney fees and court costs can take up to 5% or more of your estate value. The average uncontested Probate can take longer than a year in which your assets are frozen and inaccessible to your heirs. 

Joint tenancy does not avoid probate, it simply delays the probate process. When a surviving joint tenant dies, the assets will not be  distributed to your children or other beneficiaries that you wish to have your assets, your assets will be handled by the Probate Court. Additionally if a joint tenant funs into financial difficulties, the other joint tenant is responsible for continuing all payments to creditors.  Each joint tenant is held accountable for all debts. You loose control of what happens to your assets when you die, they become the sole asset of the surviving joint tenant, you may unintentionally be disinheriting your children.