When death occurs, assets generally pass through a court proceeding called probate.
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Probate |
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When death occurs, assets generally pass through a court proceeding called probate.
Some planners use a rule of thumb of 5% of the estate value to estimate
the costs of probate. These will vary from state to state and do not include the federal
estate taxes or state inheritance taxes.
Because of substantial attorney's fees, executor's commissions and
court costs, unwanted publicity, and the time delay involved in probating an
estate, many people attempt to avoid probate administration.
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Every attempt is made to keep information on this and related sites current
and accurate. However, you should always consult your advisor before taking action
based on information you get from this site or any other source. There may be
other factors or options that would apply to your specific situation
that are not covered in the brief introductory information presented here. |
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