b'THE OFFICIAL NFBA MAGAZINEIF YOU WERE TO DIE THIS WEEK DO YOU KNOW WHAT WOULD HAPPEN TO YOUR ASSETS?LEGALLY SPEAKINGBy:Larry Oxenham American Society for Asset ProtectionT he vast majority of Americans cant answerfrom creditors and competing claims this question. Creating an effective estatefrom heirs. If you have not named an plan ensures you can effectively answer thisexecutor to oversee the distribution of question. Without an effective estate plan, a portionyour assets, an executor is appointed by the court.of your estate will be lost to probate costs and taxes. Why Do You Want Your Estate to Avoid Probate?What is Probate? 1. It is expensive. Up to 10% of your estate can be Probateisthelegallost to probate costs alone. Costs may include process by which a court PLANNING IScourt fees, legal fees (to the executor of the distributes the assetsASNATURAL TOestate, or to resolve disputes), appraisals, and of a deceased personTHE PROCESS OFaccounting services.according to their lastSUCCESS AS ITS2. It is a lengthy process. While it is possible will and/or state law. TheABSENCE IS TOfor an estate to be probated in six to twelve court first determines theTHE PROCESS OFmonths, it is also common for the process to validity of the will andFAILURE.take years.then resolves all claims 12 / FRAME BUILDER - VOL6 2'