Probate\u2019s problems have been well documented and well publicized.\u00a0And if you\u2019ve experienced the probate process firsthand, after the death\u00a0of a parent or spouse, you probably don\u2019t need any convincing that\u00a0avoidance is the best strategy. But in case you still aren\u2019t sure why\u00a0planning to avoid probate is worth some effort, here is a summary of the\u00a0important downsides.<\/p>\n
Avoiding probate doesn\u2019t mean avoiding taxes. In fact, the two are\u00a0completely unrelated. If you give away a lot of money during your life,\u00a0or leave a lot at your death, the state and federal governments may take a\u00a0chunk of it in the form of gift or estate tax. The government is uninterested\u00a0in whether or not the property goes through probate court on its\u00a0way\u00a0to the people who inherit it.<\/p>\n
Read the book to know more about it.<\/p>\n","protected":false},"excerpt":{"rendered":"
During probate proceedings, a deceased person\u2019s will is brought to\u00a0the local court. Proof must be shown that the will is authentic and was\u00a0properly signed, with all the formalities required by state law. The deceased person\u2019s property is\u00a0inventoried and appraised, relatives and creditors are notified, and a\u00a0notice is published in the local newspaper. Creditors make their claims,\u00a0and debts are paid. Eventually\u2014commonly, about a year later\u2014the\u00a0remaining property is distributed to the inheritors.<\/p>\n","protected":false},"featured_media":9169,"template":"","meta":{"inline_featured_image":false},"product_brand":[],"product_cat":[10379],"product_tag":[10343,10341,10342],"class_list":{"0":"post-9168","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-altax-library-en","7":"product_tag-bond","8":"product_tag-probate","9":"product_tag-stock","11":"first","12":"instock","13":"sale","14":"downloadable","15":"virtual","16":"purchasable","17":"product-type-simple"},"yoast_head":"\n