Probate is transferring property after a person’s death. The laws of probate have changed throughout history; however, the purpose has remained the same. Before passing away, most people write down their intentions as to how property will be distributed and how certain debts will be paid once they pass away.
The probate process could be expensive and may take a long time to be resolved, taking several months or even years. As it takes longer to get resolved, the costs go up as well. These costs are charged against the estate, therefore reducing the share of the heirs as time passes. We are experts in assisting people who want to avoid the probate process as Mr. Hogan is a Licensed CPA & Attorney in California.
The most common way that people assert their preferences regarding the handling of their estate after their death is in a will. Many also use a will as a tool to convey feelings towards family and loved ones. When a will is well written, it can ease the transition of transferring property and also avoid tax burdens. Creating a valid Will can bring great peace of mind because it gives you a say on how your final affairs will be handled.
These documents are very important, they describe your healthcare wishes in the event you become ill or unconscious and cannot make the decisions yourself. A living will is also known as a “healthcare directive” or “directive to a physician.” Living wills first came about as a means of helping people who wished to have a natural death and not be sustained through artificial life support or other various medical techniques.
Living wills, while permitted in all states, must adhere to the particular regulations of the state in which they were created in order to be effective. As long as a living will is valid, the document will bind healthcare providers to its directives.