When you use a last will to direct the transfer of your assets the heirs to the estate do not receive their inheritances until the estate has been probate and closed.
In simple cases it can take months for the process to run its course. When more complicated circumstances exist it can actually take years.
This time consumption is one of the major reasons why people avoid probate.
With the above in mind the case of the recently deceased singer Robin Gibb is an interesting case in point. The former member of the Bee Gees died at the age of 62 in London back in May and it is believed that his wife and children are the heirs to the estate.
The fortune that Gibb left behind is considerable. According to the Daily Mail the value of his estate is somewhere in the vicinity of €93 million.
However, it may be some time before Robin Gibb’s family actually assumes possession of these resources. People close to the situation say that the Gibb estate may be held up in probate for perhaps five years.
Even if you do not have an enormous estate such as this one you may indeed want to consider probate avoidance strategies. One option that many ordinary people choose is the creation of a revocable living trust.
Should you be interested in learning more about these trusts and other ways that you may be able to arrange for asset transfers outside of probate, simply take a moment to set up an appointment to speak with a good Indianapolis estate planning lawyer.
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
- When Do I Need to Update a Trust Agreement? - January 19, 2023