It would be logical to assume that you can arrange for the transfer of your assets to your loved ones after you pass away and not lose a lot in the process. Unfortunately, the powers that be see it a different way and this is why it is important to work with an Oklahoma City estate planning lawyer when you are crafting your legacy.
One thing to take into consideration when you are selecting a primary vehicle of asset transfer is that probate costs are one source of asset erosion. If you use a last will, your estate must be probated and, during this interim, the court will impose a charge in its own right.
Plus, your executor is entitled to payment. They will have to bring in a probate lawyer and perhaps a tax accountant to assist in the estate settlement. An appraiser, or appraisers, may be necessary, and estate liquidators may be called upon. Of course, all of these entities are entitled to remuneration for their time and expertise.
By the time all of these expenses have been paid, your estate may be shaved down by perhaps 5% to 10% of its original value.
The above is rather disturbing when you consider the fact that these are resources that could have otherwise been utilized by your loved ones. There are ways to transfer assets to your loved ones outside of the probate process. Be clear – some of those expenses mentioned above might be necessary regardless which estate settlement strategy you implement. Appraisers, for example. To explore your options in this regard, take action right now to arrange for a consultation with a licensed Oklahoma City estate planning lawyer.
Author, President and Founding Attorney
Parman & Easterday
Latest posts by Larry Parman, Attorney at Law (see all)
- Practical Steps to Take after the Death of a Loved One - January 14, 2020
- I Received a Crummey Notice. What Do I Do Now? - January 9, 2020
- The Downside of Taking Early Retirement - January 7, 2020