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If you follow "to the letter" the probate court and IRS guidelines for handling the estate of a deceased loved one, you may be lucky enough to finally settle it after two to three years. This is farcical and puts your love ones (the "executor" or "administrator" in a "legally liable position" to possibly later be sued or harassed by the courts or the IRS and possibly risk the loss their personal assets - while trying to "help"!!


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Steps

  1. 1
    Hold securities in two or more names with the caveat that "either party" may negotiate them, and finally - start to give "gifts" before you go!
  2. 2
    Make your general wishes known to those close to you. Write it out in an instruction letter (vs a will or trust), and make sure key people involved have a copy and discuss it with them!
  3. 3
    Make a reasonable assessment of what you may need while still alive and with a large percentage of the "excess". Set up "custodial accounts" or "automatic issuance" accounts with scottrade, schwab, or other brokerage agents to distribute the funds in quarterly, monthly or annual disbursements - to those you love!


Tips

  • Most probate attorneys charge $400 per hour for the lawyer's time, and approximately $250 an hour for their assistants - plus, they have the option (without your oversight) to charge "extraordinary fees" - at these rates in addition to the court mandate fees - this is way too much!

Article Info

Categories: Stub | Criminal and Penal Law Procedure

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