Attorney Mitchell Barrock Helps People Prepare for Estate Planning
September is National Preparedness Month, and this includes estate preparedness. "People need to be prepared when planning for their estate," said
To help people with estate planning preparedness, Barrock lists the following three tips:
No. 1: Simple will or probate. "If your total estate is less than
No. 2: Non-probate proceedings. "Are you aware that going through probate is a public proceeding where the whole world can find out about the value of your assets, what you own and who gets your estate?" asks Barrock. "In a world of electronic monitoring where our whole life is up for scrutiny, nobody wants the public to be able to spy your estate and expose your and your family members' personal business. There are much more private ways of safeguarding your assets without going through probate proceedings."
No. 3: Trust and other estate planning tools. Probate proceedings can take up to 18 months or longer to conclude. "Why have to wait for your last wishes to be completed when there are quick and inexpensive ways to accomplish the same things, such as a trust or other estate planning tools?" concludes Barrock.
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