Probate

How Assets Pass to Heirs

How Assets Pass to Heirs

People often have misconceptions about how assets pass after death. Some even believe that if they do not transfer property they own to their children, it will go to the state. There are many instances where misinformed individuals engage in transactions that lead to unintended results and unnecessary tax liability. Understanding how assets pass after death is essential for putting together a sound estate plan. In doing so, it is particularly important to distinguish a probate asset from a non-probate asset, because that determines to whom the asset passes and how quickly it passes. Probate...

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