The bad news: probated estates are subject to a variety of costs from attorneys, personal representatives, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, fees can run into tens of thousands of dollars.
The good news: probate costs can be reduced by avoiding probate. It’s really that simple.
Here are three simple ways to avoid probate costs by not having to go through probate:
Name a Beneficiary.The probate process determines who gets what when there is no beneficiary designation. So, naming a beneficiary is the easiest way to avoid probate. Common beneficiary designation assets include:
Create and Fund a Revocable Living Trust. A revocable living trust owns your property, yet you remain in charge of all legal decisions over those assets until your death. After your death, your named trustee manages your assets – according to your wishes. A trust works well if properly created and funded by an experienced estate planning attorney.
Own Property Jointly. Probate can be avoided if the property you own is held jointly with a right of survivorship. If you own real estate jointly with another person or various other persons and title is held with right of survivorship then the property transfer automatically to the remaining owners upon your death. The same applies to property acquired during the marriage in both husband and wife’s names. Be mindful, that language must be clear to make the ownership with right of survivorship.
We Have the Tools to Help You.
Contact our office today. We’ll help you decide whether it makes sense to avoid probate in your particular case and, if so, the best way to do so.
Give us a call at 305-456-7158 and we will schedule an Estate Planning Session for you or you can click Estate Planning Session to request we call you to schedule. Either way, do not wait, be protected and have peace of mind knowing you have the right Estate Plan that will not require probate.
Yahima Suarez, Esq.
Yahima Suarez, PA