Estate Planning and Probate

	Usual Suspect Number One: Probate Why Avoid Probate? Probate is a Court Proceeding used to collect, manage, and ultimately distribute the assets of a deceased person to his heirs, or, if the deceased executed a Will, to the Will's beneficiaries. Probate should be avoided because: Probate is Expensive. A person who dies with $500,000 of assets could easily pay $13,000 in Attorneys fees, and the same in other commissions and expenses! Probate is Time Consuming. From the date the person files their first Petition with the Court, it will take at least seven months, and often much longer, before the heirs or beneficiaries receive their inheritance! Probate Is Entirely Unnecessary! Probate is only necessary whenever a person dies with more than $100,000 in "Probate-Able" Assets. Avoid having Probate-Able Assets by: Holding Title As Joint Tenancy Designating Beneficiaries Placing Assets in Trust Creating a Trust allows you to avoid Probate entirely, and provides other benefits as well! Click Here to Learn More about Trusts!

Usual Suspect Number One: Probate

Why Avoid Probate? Probate is a Court Proceeding used to collect, manage, and ultimately distribute the assets of a deceased person to his heirs, or, if the deceased executed a Will, to the Will's beneficiaries. Probate should be avoided because:

Probate is Expensive. A person who dies with $500,000 of assets could easily pay $13,000 in Attorneys fees, and the same in other commissions and expenses!

Probate is Time Consuming. From the date the person files their first Petition with the Court, it will take at least seven months, and often much longer, before the heirs or beneficiaries receive their inheritance!

Probate Is Entirely Unnecessary! Probate is only necessary whenever a person dies with more than $100,000 in "Probate-Able" Assets. Avoid having Probate-Able Assets by:

Holding Title As Joint Tenancy
Designating Beneficiaries
Placing Assets in Trust

Creating a Trust allows you to avoid Probate entirely, and provides other benefits as well!

Click Here to Learn More about Trusts!

How Much Would it Cost to Probate Your Estate Today?

Make A List Of All Your Assets. Make sure that you list everything: Houses and Condominiums, Bank Accounts, Vehicles, etc.
Remove All Assets In Joint Tenancy. These assets would automatically go to the surviving joint tenant(s) without Probate!
Remove All Assets with Beneficiaries Designated On Them. These assets would automatically go to the surviving beneficiaries, if any, without Probate!
Remove All Assets Held In Trust. These assets will go to the persons selected in the Trust, without Probate!
Approximate the Value Of All Your Remaining Assets. These are what attorneys refer to as "Probate-Able Assets"!
Compare The Value Of Your Remaining Assets To The Table Below:

Value of Probate-Able Assets

Under $100,000

$250,000

$500,000

$1,000,000

Approximate Probate Costs*

No Probate Necessary!

$17,000

$27,000

$58,000

* These costs include Attorney's Fees, Executor/Administrator's Fees, Bond Fees, Filing Fees, and Appraisal Fees.

Trusts are the best method of avoiding Probate and other unnecessary costs! However, joint tenancy and beneficiary designations also avoid Probate! To find out about the advantages and disadvantages of each, see: The Third Usual Suspect: Lack of Control