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Probate
Estate planning is essential for safeguarding you wealth for future generations. Protecting your assets against estate taxes, probate and unnecessary expenses are a vital part of this preservation.
Probate is the process in which a will is validated. In this process the deceased person’s assets and debts are identified and dispersed. Legal fees are incurred for transferring the decedent’s assets. In the case of insurance policies and annuities, benefits are payable to named beneficiaries and therefore bypass probate. A “payable on demand” option on bank account funds will reduce exposure to probate by naming a beneficiary as well. On IRAs, 401K or other retirement accounts naming a beneficiary can save time and money in the probate process for your heirs.