My goal is to work with my clients so that they can avoid probate to the greatest extent possible. But you have to realize that the probate process serves a very important function. By filing the Will and opening a probate estate, the clock starts ticking on the period during which a creditor can file a claim against the Estate or during which someone may contest the Will.
Nowadays Wills are brief documents, but they still contain vital information. There is the pour-over Will (that funds a Trust - revocable at the time it was established and now irrevocable due to the individual's passing). The Pour-over Will identifies the Executor and any successors, as well as names Guardians of minor children. These roles cannot be understated. The importance is highlighted by the sudden death of Michael Jackson. Upon his death a Will from 1997 was filed with the Court, and then a Will from 2002, the latter which has been said to contain different provisions. Michael's mother was named guardian of his 3 minor children, and his attorney and financial partner were named as co-Trustees. These all are pivotal roles that will play an important part in a vast financial empire. Michael Jackson was estimated to have a net worth in excess of a quarter of a billion dollars.
If you have any questions as to the structure of your estate plan so as to minimize the intrusiveness of probate, while at the same time maximizing the value of the probate process, call me so that we may get together to discuss. It may never be too early, but it certainly can be too late. Call me today.
Feel free to pass this Viewpoint on to friends and colleagues.
To find out more about Jeanne's practice, Click Here. If you wish to discuss these issues in more detail, please contact Jeanne at jkerkstra@chuhak.com or 312-855-4337.
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Jeanne M. Kerkstra, Esq., CPA
Chuhak & Tecson, P.C.
This material is intended for educational purposes only. The conclusions expressed are those of the author and do not necessarily reflect the views of Chuhak & Tecson, P.C. While this material is based on information believed to be reliable, no warranty is given as to its accuracy or completeness. Concepts expressed are current as of the date appearing in this material only and are subject to change without notice.
TAX ADVICE NOTICE: The Internal Revenue Service now requires specific formalities before written tax advice can be used to avoid penalties. This communication does not meet such requirements. You cannot contend that IRS penalties do not apply by reason of this communication.
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