Most people understand that it is best to avoid probate court at all costs. There are steps you can take to make sure your loved ones don’t have to deal with this upon your death, however, there is no way of knowing if you will be dragged into the process at some point in the future.
Generally speaking, there are two reasons to avoid probate:
- It is expensive, with costs taking up to five percent of an estate’s total value.
- It can hold up the distribution of assets for a long time, in some cases a year or longer.
Let’s get started by taking a look at probate fees. These include the following:
- Executor fees. In some cases, the executor will waive the fee, however, this is not always the case.
- Attorney fees. If you require the assistance of an attorney, you will have to pay this person for his or her services. Working in your favor is the fact that the court must approve probate fees charged by your legal team.
- Miscellaneous costs such as appraiser’s fees and court costs.
If you are interested in saving money, which you probably are, there are a few things you can do:
- Learn as much as possible about the probate process on your own, such as through free online resources.
- Hire an attorney who is willing to work at a reasonable rate, as opposed to charging you an arm and a leg.
Avoiding Probate is the Way to Go
The best thing you can do is take the steps towards avoiding probate. When creating an estate plan, be sure to discuss this with your attorney. You want to setup your estate so that when you pass on your family doesn’t have to deal with probate.
Note: if nothing else, look into ways to reduce the amount of property that will go through probate.
Has a loved one passed on, leaving you faced with the probate process? If so, it is best to learn more about this as soon as possible. Contact us for information, advice, and to have all your questions answered.
Probate may be challenging, but we are here to take some of the stress off your back.