In the trust section of this site you can learn more about avoiding the pitfalls of probate. So, as you can see there are many reasons to pursue estate planning. Proper estate planning can give you the peace of mind you deserve and insure that your legacy and wealth is preserved for years to come. Shortly after the death of an individual there are certain costs of settling an estate which must be paid in cash. A primary goal of estate planning is to decide in advance how these costs will be paid and to determine which methods are available to reduce the potential shrinkage of an estate .
Some states determine the fees based upon the value of the assets passing through probate.
In addition, individual states may also impose an inheritance tax or estate tax. The probating of a will permits a court of law to supervise the transfer of assets from the decedent to his heirs. A typical probate lasts about one year, with six months generally being a minimum time if everything proceeds according to schedule. Because of high attorney's fees, executor's commissions, and court costs, the often unwanted publicity, and the time delay involved in probating an estate, many people attempt to avoid probate administration. Joint Tenancy A form of title arrangement, usually between spouses.