Until they experience a death in their immediate family, most people have little understanding of how the probate process works. Probate is the legal method for settling an estate. Once a person dies, it must be determined if there is a will, and then the court can begin to settle any claims against the estate and begin to disburse proceeds from the estate to legitimate heirs.
A recent study on probate in America found the average probate process takes about 20 months. In terms of cost, 3 percent to 7 percent of the estate’s value can be paid to the court. For a $500,000 estate, that can mean an expense of $15,000 to $35,000. As the Baby Boomer generation passes on, a generational wealth transfer of up to $84 trillion could occur over the next 20 years.
The study shows that the millennial generation has little knowledge of their parents’ estate plan and may have no plan or will of their own. They may only experience the probate process when the last surviving parent dies. Probate is relatively simple when a surviving spouse automatically inherits the estate.
Being Prepared Is Crucial
Having extra retirement income can help with estate planning. Council of Seniors is fully committed to getting Congress to pass The SAVE Benefits Act. You need this bill because the annual Social Security cost-of-living adjustment (COLA) has been low due to inflation in recent years. The amount of $581 was withheld from seniors’ checks, and this bill will ensure that money is returned.
Please take time now to sign our petition. Congress must focus on helping the growing number of Americans expecting action.
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