Proper estate planning involves the formation, interpretation, and execution of wills, trusts, powers of attorney, and the like. These are tools designed to preserve and pass assets to loved ones without unnecessary expense, delay, or probate court entanglement. They can provide peace of mind knowing that your property will pass to your intended beneficiary, and not to the pockets of attorneys, probate courts, the state, or that cousin twice removed you've never met. A proper estate plan can also assist with ensuring your needs are immediately cared for in the event of an illness or accident. Jordan Peel received the CALI award for estate planning from UNLV Law School and has assisted countless families with creating their own tailor-made estate plan.
Probate is a court process that generally oversees the management, liquidation, and distribution of certain assets that don't otherwise pass to beneficiaries by trust or operation of law. As you can guess, probate can be complex and difficult to navigate. It typically requires filing court petitions, preparing inventories of assets, rendering accountings of assets and expenses, attending court hearings, seeking court approval to sell and distribute assets, and the like. A daunting task to say the least. The time and expense of probate, however, can be avoided with proper estate planning.
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