Question

The reed siblings have been in the probate process to settle the estate of their deceased father for over a year. because their father did not have an estate plan, the siblings were unaware of their father’s debts and unprepared for the taxes on their inheritance. they also disagreed about which of the siblings is entitled to their father’s house. how would an estate plan have helped the reed family? A. estate planning would have eliminated the inheritance tax. B. estate planning would have made the probate process shorter.

C. estate planning would have ensured that all siblings agreed. D. estate planning would have protected assets from debt collectors.

Answer 1

An estate plan would have helped the Reed family as follows: B. estate planning would have made the probate process shorter.

How the plan would have helped the family

If the Reed family had had an estate plan, the executor of the estate would have been able to distribute the assets according to the plan, instead of having to go through the probate process.

The probate process takes a lot of time and it can be even more difficult if there is no will or if the will is not clear. An estate plan can help to avoid these problems by clearly stating the deceased's wishes for the distribution of their assets.