There are some common thoughts and ideas that come up frequently in Estate Planning that can be detrimental for future planning. Here are some myths about Estate Planning and reasons why they are not true.
A recent matter of ours involved a woman who attended our office to discuss the recent passing of her husband. She was the sole executor and sole beneficiary of the Estate. She was grieving and struggling to discuss the Estate and to understand the process required to obtain legal authority to deal with the deceased’s assets (by obtaining a Grant of Probate).
The final step in the process of administering an Estate is the actual distribution of the Estate. This can occur once 6 months has passed since the date of death of the testator and also once the appropriate Notices have been published. This allows creditors a final chance to make a claim on the Estate and also provides the executor or administrator with protection against such claims.
Now that Probate has been granted the assets need to be obtained from all of the relevant asset holders. This process can seem cumbersome and timely as many different asset holders need to be contacted and the release of assets may take some time.