Month: February 2017

Does A Retirement Plan Pass Through Probate? Part One.

No, it does not. It transfers by beneficiary designation. Much like life insurance that goes to the individual named in the policy, the retirement plan goes to the individual named on the beneficiary designation in the plan document. If you don’t have a beneficiary designated or the individual that you designated is deceased, the account value can wind up in your probate estate; and if this happens, the only choice is that all the taxes are due right away, and there is significant inflexibility. But in general, it will avoid probate.

What Can An Attorney Do To Expedite The Probate Process?

The attorneys at Krause Donovan Estate Law Partners, LLC know the timelines of the probate process. They are able to work on matters so that as soon as one timeline is met, they start working on the next timeline. That allows them to get a probate done in the minimum amount of time because of their familiarity with the process. Additionally, in order to make the probate process go as smoothly and quickly as possible, the attorneys at Krause Donovan Estate Law Partners, LLC always encourage the Personal Representative to be open and honest and with all beneficiaries so there is not anyone who is out there suspicious and worried. By just simply opening up the books and being very communicative, delays can sometimes be avoided that could be caused by people contacting the court and asking for information or creating a will contest because of a distrust. Additionally, the lawyers at Krause Donovan Estate Law Partners, LLC act as a buffer sometimes between factions of the family that don’t get along. If people who don’t really trust the Personal Representative can contact their firm instead sometimes that can make things go faster than if they are trying to get in touch with the Personal Representative who may be personally not a friend. Experienced attorneys can also help resolve disputes when they arise. Being able to calmly deal with family members as a person without a bias or history is often useful. Therefore, there are a lot of ways that an experienced attorney can speed up the probate process and make it less painful for those involved.

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