Most people don’t know much about the laws pertaining to trusts, wills and Probate Law Service in Reno NV because these topics are considered taboo by many. However, it’s important to know the basics and to recognize misconceptions when they’re spotted. Click Here for some of the most common myths surrounding probate.
If a Person Dies Intestate, Their Property Goes to the State
There are many reasons to write a last will, but worries over the state getting everything should not be a factor. If a person dies intestate (without a properly written will), state law takes over. Typically, children and spouses are the first to inherit property. Rules vary by jurisdiction, but in most areas, the surviving spouse and children share assets. Prevent these worries by writing a will-;that way, asset distribution isn’t left up to the state’s laws.
Probate Takes Years
Most estates do not take years to conclude, and the only major delays come when creditors are given time to file a claim. The length of this claim period varies by location, it typically begins when notice of probate is published, and it can range from several months to one year. After the claim period ends, estates can be closed as soon as a representative gathers assets, pays debts and settles taxes.
Probate Costs Consume All Assets
There are many horror stories about the cost of probate. If one believes these stories, they may believe that the family won’t get much after lawyer and court fees are paid. Thankfully, this is untrue. Most estates don’t require probate, as only assets owned solely in the deceased person’s name must go through the process. Even if Probate Law Service in Reno NV is required, costs are typically under 5% of the estate’s value.
The Oldest Child Gets to be the Estate Executor
Just because a child has always been considered responsible, or they’ve always been in charge, doesn’t mean that they automatically get to be the representative of a parent’s estate. If the deceased named an executor, that person will be appointed unless there’s a compelling reason against it.
