When research into the subject is conducted, the results indicate that the majority of Americans have not executed all of the necessary estate planning documents. Why do so many people go through life without an estate plan? Some people simply feel as though it is not important for most of their lives, because wills and [ ] The post Wills and Estate Plans: Clearing Up a Misconception appeared first on Nirenstein, Horowitz & Associates P.C..
Estate planning can seem like an exercise in planning a will. In fact, this is a misconception. There are different ways to facilitate asset transfers, and planning a will is not always going to be the best course of action. Plus, there are end-of-life issues to address when you are devising your estate plan. As a result, a last will is not the only document you need, even if you do use a will as your asset transfer vehicle. Let s look at the facts. Planning a Will If you use a last will to state your final wishes, you nominate an executor. This is the person who will administer the estate after you pass away. The executor would be required to admit the will to probate, and the court would supervise the administration of the estate. This is not inherently negative, but there are some pitfalls that go along with the probate process. For one, it is time-consuming. In most areas, a case that is not complicated in any way will be stalled in probate for close to a year. The inheritors rece