Why Avoid Probate

Why Avoid Probate

Why Avoid Probate. Most of us have heard that it’s wise to avoid probate court but we don’t know necessarily why. In a nutshell, there are two big problems with probate. Number one, it ties up the property for months, sometimes more than a year. Number two, it’s expensive. In some states attorney and court fees can take up to 5% of the estate’s value. Hi, I’m Rich Barnes, owner broker of Realty Experts in West Allis, Wisconsin, 53214. Most of what happens during probate is essentially clerical. In the vast majority of cases, there is no conflict, no contesting parties, none of the usual reasons for court proceedings. Probate rarely costs for legal search, drafting or a lawyer’s adversarial skills. Probate attorney or the attorney secretary fills in a small mountain of forms and keeps track of the filing deadlines and other procedural technicalities. In some states, ana attorney makes a few routine court appearances. In others, the whole procedure’s handled by mail. For their services, both the lawyer and the executor will be entitled to fees from your estate. In many states, probate fees are what the court approves as reasonable. In a few states, the fees are based on a percentage of the estate subject to probate. Either way, the probate attorney’s fees for a routine estate will grow, with a gross value of 400,000 can easily amount to $20,000 or more. Other probate costs, in addition, there are court costs, appraisal fees, and sometimes other expenses. One way to reduce probate fees is for your executor to handle the probate proceedings without an attorney, in a pro per or a pro se, but as a practical matter, it still makes more sense to see if you can avoid probate altogether. We do recommend that you seek the advice of an attorney as I am not one, just giving helpful advice. For more videos on probate, click the link below and to learn more on how to avoid probate, watch my next video. And as always, you can rely on Rich.com. Thanks and you have a great day.

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