Contingency Probate Attorneys St. Peters, Missouri
Probate is the legal process in which a will is proved valid in court. It includes locating and determining the value of the descendant’s assets, paying off their debts and distributing the assets to the rightful beneficiaries. Although probate has been around for a long time, contingency probate attorneys in St. Peters Missouri at Legacy Law Center notice that some people still have misconceptions about it.
Here are some of the common myths about probate.
If You Die Without a Will, the Government Gets Everything
As long as you have a spouse and/or children, the state won’t take your assets after you die. The only way the state would get everything is if they can’t find any living relatives. However, if you would like someone besides your spouse or kids to inherit your items, contingency probate attorneys in St. Peters Missouri would suggest creating a will as soon as possible.
Probate Often Takes Years to Complete
Many people dread the thought of probate because they believe the process always takes years. The truth is, however, most estates don’t take more than a year to resolve. However, some estates can take longer to probate if there are complications. For example, contingency probate attorneys in St. Peters Missouri can attest that family disputes can prolong the probate process.
Probate Costs Can Deplete an Estate’s Assets
Another worry many people have about the probate process is that it can completely eat up the assets in an estate. In the majority of cases, the cost is typically less than five percent of the total value of the estate. However, if someone tries to contest the will, the costs can get much more expensive.
Assets Can’t Be Distributed During Probate
Another common myth about the probate process is that the executor is unable to distribute during the probate process. However, as a probate lawyer St. Peters, MO residents trust can confirm, the executor can make advance distributions to settle the estates quicker. Before doing so, the executor should make sure that there are enough funds in the estate to pay debts, taxes and other expenses.
Having a Will Means Your Estate Won’t Go Through Probate
A will is a legal document that lets you specify who will receive your assets after you die and who will be in charge of carrying out your wishes. However, just because you have a will, doesn’t mean that your estate will avoid probate. If you want your family members to avoid the probate process after your death, you should speak to contingency probate attorneys in St. Peters Missouri and ask them how you can avoid probate.
If you have additional questions about the probate process, you should schedule a meeting with contingency probate attorneys in St. Peters Missouri today.