It would be rational to presume that you can leave behind funds to your liked ones without losing loan in the process. However if you do not plan your estate thoroughly your legacy may well be deteriorated as it is being passed on to your beneficiaries. One source of possession erosion is probate.
If you use a last Will to specify your last desires the contents of the document will not just be read by your relative. The Will should be considered legitimate by the probate court, and if it remains in truth a valid last Will, the court will supervise the administration of the estate. The actual tasks included in administering the estate are dealt with by the executor or personal representative.
There are costs that support probate and they begin with a charge that is imposed by the court itself. The administrator is entitled to payment for his/her effort and time. A probate attorney will be essential and the executor may have to bring in an accounting professional to deal with final taxes and other matters.
The need for appraisers and liquidators can arise. By the time all is stated and done, probate expenses can trim the value of your estate by as much as 10% and maybe more in complicated cases.
With the above in mind you might want to check out alternatives that permit the transfer of assets beyond the process of probate. To do so simply reach out and set up an appointment to speak to a certified and skilled Nassau County estate planning lawyer.