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When you pass away, your family may undergo a complex process to ensure all your assets are correctly inherited. Even if you have planned ahead, it is necessary to understand what assets may have to or not have to go through probate.
What Happens to Assets if They Go Through Probate
Probate is a legal process that occurs upon the death of an individual. During this process, the court oversees the distribution of the decedent's assets, including their property, money, and other valuable belongings. In some cases, assets may also be subject to legal fees, taxes, and other expenses. But with the proper guidance and support, it is possible to navigate the probate process efficiently and compassionately, ensuring that your loved one's assets are distributed according to their wishes.
Understanding Non-Probate Assets
Losing a loved one is never easy, and sorting through their assets can be a stressful and emotional experience. That's why understanding non-probate assets is so important. These types of assets, such as life insurance policies and retirement accounts, bypass the probate process and pass directly to the beneficiary named on the account. This means they are not affected by the will or probate court rulings and can usually be distributed quickly and effortlessly.
Why an Estate Planning Attorney Is Essential During This Process
Losing a loved one is an emotionally taxing experience. Amidst the sadness, there are also practical tasks to attend to, such as settling their estate. This is where an estate planning attorney can be an indispensable resource for you and your family. With their expertise, an estate planning attorney can help guide you through the complex legal process of managing your loved one's assets.
An experienced estate planning attorney can also assist you in planning for your future asset distributions by drafting legal documents, such as wills and trusts.
Probate and asset management are topics many don't want to think of, yet they are needed for proper estate planning. Executing wills and ensuring that your assets are properly managed is key for yourself and your loved ones. Contacting an estate planning attorney is essential as it ensures you understand the process and that your assets will be handled in your favor.
When you work with Krause Estate Planning, you will have peace of mind knowing everything is completed to fulfill your wishes. All the work put into creating a trust or preparing a will is fruitless if those assets don't convert into actionable tasks at death. Make sure you take steps now to plan for the future, so your final wishes are carried out.
To get started, contact Krause Estate Planning so we can answer all of your questions about probate and asset management. We proudly serve residents in Wisconsin, including Brookfield, Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee.