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Last Will and Testament
If you're concerned that one or more of your children or other intended heirs might try to challenge the provisions that you have set forth in your Last Will and Testament, you can have a no-contest clause added in the Will, but make sure you understand what it means and whether or not it's actually enforceable. Here's an article that I came across that does a nice job of explaining what a no-contest clause is and how it might work for you. Take a look.
NO NEED TO BE AFRAID OF PROBATE
You’ve probably heard people say a million times: It’s best to keep your family’s assets out of probate. While I agree that’s it’s often a good idea to limit or minimize the effect that the probate estate administration process may have on your assets after your death, it’s still important to keep in mind that in many states probate is a relatively simple process. In fact, here in Pennsylvania the whole process can often be completed in a matter of a few months for most estates.
DIED: 06/13/2013; Rome; Heart Attack
Tony Soprano might have been a wise guy, but the actor who played him might not have been too smart for not putting his estate into a trust. He left only 20 percent of his estate to his wife, who had an unlimited deduction as his spouse. So 80 percent of his $70 million estate was exposed to the estate tax. Bada-bing, bada-broke.
PAUL W. WALKER, IV
DIED: 11/30/2013; Valencia, CA; Car Crash
The "Fast & Furious" actor used a pour-over will to funnel his $25 million estate into a trust for his 15-year-old daughter. This arrangement makes the estate a public affair. He also failed to update his plan for 12 years, so it might not have represented his current wishes.