Phil Cannella – Phillip Cannella Blog: Phil Cannella is certainly very knowledgeable in all areas of retirement planning. He has spent much time learning the laws and regulations relating to the planning of a seniors finances so that he can most optimally counsel and advise his clients. One of the areas of Phil Cannella’s expertise is in the area of probate.
Phil Cannella tells us what probate is as when saying, “Probate is the legal process of assessing the assets one has accrued during their lifetime and distributing them amongst their charities, heirs and beneficiaries. Every state has its own probate codes.”
Phil Cannella goes on to say, “if you have a will, you’re guaranteed to go through probate. Just think about what a will does: it instructs your state as to who gets your assets and how much of them they get when you pass away. But the will doesn’t distribute them – the state does. And that’s the process of probate, wherein your state transfers your assets out of your name and into the names of the people you’ve left them to.”
Anyone engaged in planning for retirement should be very familiar with the laws relating to probate and according to Phil Cannella should be able to guide you well with the choices you should be making in order to bring about the maximum benefit for you and your beneficiaries.