Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Estate Planning and other Retirement topics.
A basic will won't protect you from probate. If you leave anything more than a small amount of property through financial and estate planning, probate court proceedings will probably be necessary after your death. Although it varies from state to state, probate can take six months or a year, and eat up three to five percent of your estate in lawyers' and court fees. And your beneficiaries will probably get little or nothing until probate is complete. Even if you don't opt for more elaborate estate planning, it's probably a good idea to consult with a reputable financial planner to see if you need more than a basic will.