Estate & Asset Protection Attorney, Victoria Collier explains that most people attempting to avoid probate assume they know how the laws work and as a result most homes and individually held assets end up in probate upon their owners’ deaths.
DECATUR, GA, July 3, 2019: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “Make Sure Your Dream Home Doesn’t Become a Nightmare for Your Heirs” in which Ms. Collier focuses on the biggest asset most people have and try to prevent from going into probate.
Collier states, “Home ownership has long been and continues to be the ultimate American dream!” She continues adding, “But all too often the physical place we call ‘home’ turns into a real nightmare for heirs upon the owner’s death.” She explains why, saying, “When ‘how’ we own the home or ‘how’ the laws work is assumed and not actually known, unintended consequences occur – like probate.”
As Collier points out a home can be owned in four different ways, which are individually, jointly, in a business, often called an LLC, or in a trust. According to Collier, “Three of the four mentioned are more than likely destined to go through the probate process even if you have a will.” She goes on to explain that, “The probate process requires court approval to manage the estate, as well as publication in the paper for four weeks. Once the estate has been fully administered, then the executor or administrator must file more papers to request permission to close the estate and discharge the executor/administrator from all liability.”
“Two major reasons sum up why most people attempt to avoid probate,” explains Collier. First she says, that probate, “ties up property for months, sometimes more than a year.” And secondly she says, “It’s expensive. In some states, attorney and court fees can take up to 5% of an estate’s value.”
The entire article can be read at https://www.elderlawgeorgia.com/articles/make-sure-your-dream-home-doesnt-become-a-nightmare-for-your-heirs/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.