Estate Planning Lawyer Warwick, RI
When you are considering creating or revising an estate plan, an estate planning lawyer in Warwick, RI from McCarthy Law, LLC knows that one of your biggest questions may be about probate. What exactly is probate and how do your assets go through the probate process? Typically, if you create a revocable living trust, your assets will not need to go through the probate process because they will be transferred directly to your named trustee. However, when you create a will, you may be more interested in the finer details of probate.
Will everything go through the probate process?
Not necessarily. In instances where you share a property with someone else, the property will pass on to the surviving owner after you die. In this circumstance, the property will not go through probate. Similarly, if you have named people as beneficiaries to your life insurance policies or retirement accounts, those assets can be transferred immediately to the named beneficiaries without needing to go through probate.
Learning About the Role of Executor
Your Warwick, Rhode Island estate planning lawyer understands that one of the most important roles you will name in your estate plan is the role of executor. The probate court involved in your estate can determine what a fair compensation amount is for the person you appoint as executor.
Is the probate process quick?
Unfortunately, there is no set time that it will take for an estate to go through probate. The minimum time is six months, which gives any creditors the opportunity to come forward and submit their claims. During this time, your executor can use funds from your estate or from selling your assets to pay off the rest of your debt. Further, any arguments that arise during the probate process over who will get certain assets can lead to the probate process taking much longer. If you foresee family or friends coming forward to contest your estate, it is best to create a solid estate plan with the help of your lawyer.
Getting Legal Help Today
You may be tempted to work through a cheap, inexpensive, DIY estate plan that you find online. However, these are often not comprehensive or state-specific. It is always best to create your estate plan with the help of a lawyer. Are you looking for the right legal match during the estate planning process? Contact McCarthy Law, LLC to speak with our estate planning lawyer in Warwick, Rhode Island now.