You should have a general understanding of the estate administration process when you are engaged in your estate planning efforts. Most people think that they should use a will to facilitate asset transfers, but there are reasons why you may want to go in a different direction.
A will is admitted to probate, which is the legal process of estate administration. The executor that is named in the document would be charged with the administrative tasks, and the court would supervise while the process is underway.
There is a proving of the will when an estate is being probated. The court will determine if the will is valid, and anyone that wants to contest its validity can make an argument before the court.
Another function of the probate process is to give creditors an opportunity to come forward seeking satisfaction, because final debts must be paid before the estate is closed.
All of this will usually take about nine months at minimum, and no inheritances are distributed while the estate is being probated. The time consumption is one negative, and probate expenses consume a noticeable portion of the estate before it is transferred to the heirs.
Most people like to conduct their financial affairs confidentially, but privacy is lost when an estate passes probate. The records are available to anyone that goes through the proper channels, and this information can potentially cause hard feelings among interested parties.
Transfer on Death Accounts
Now that you understand why people try to avoid probate, we can address the subject at hand. A transfer on death account is an seminar page, and when you identify the session that works for you, follow the instructions to register.
Need Help Now?
If you already know that it is time for you to work with a Glastonbury or Westport, Connecticut estate planning attorney to put a plan in place, we are here to help. You can send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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