Did you know? You Can Avoid the Blood-Sucking Probate Process!

Did you know? You Can Avoid the Blood-Sucking Probate Process!

What Is Probate?

 Probate is the legal process of administering a person’s estate after their death. If you have a last Will and Testament, probate will involve proving that your Will is legally valid, executing your instructions and paying applicable taxes.

Having a clearly written Will is one way to make the probate process easier on your loved ones. After all, your Will doesn’t only specify who should inherit what. It also designates who you’d like to take care of your kids if both parents were to pass away, plus the executor who should fulfill the instructions in your Will.

If you die without a Will, the probate court will rely on your state’s intestate laws to figure out how to distribute the person’s belongings, or inheritance.

Click here for more information about Florida Intestate Law:

https://www.nolo.com/legal-encyclopedia/intestate-succession-florida.html

What’s Included in Probate Costs?

How much probate costs really depends on the estate size, the state you live in, and how much legal work is needed during the probate process.

Here are a few items that definitely come with a price tag:

• Executor Compensation – Carrying out these duties is not a simple job. The executor or personal representative will be paid from the estate for their services. Usually, each state has a certain percentage (like 5% of the estate value) and some other minimums for compensation.

• Probate Bond (aka Executor Bond or Fiduciary Bond) – Some states require this expense unless the will specifically says not to get it. The bond company normally charges a percentage of the amount of the bond. For instance, if their premium was 0.5%, a bond of $500,000 would cost $2,500.

• Court Filing Fees – Each state (and county) has its own filing fee amount, so the exact amount will depend on where probate is filed.

• Attorney Fees – Some states say an attorney must handle the probate process., Florida is one of tem.

• Creditor Notice Fees – It’ll cost a bit to put up notices in local newspapers and other forms of communication to alert beneficiaries and creditors about the death.

How can you avoid Probate?

A living trust can help you avoid probate. If your assets are placed in a trust, you do not “own” them: the trustee of the trust does. You control the assets as if they were yours. … Since you do not “own” the trust property, it will not have to go through probate.

To learn more about How a Revocable Living Trust Avoids Probate, click here:

https://www.thebalance.com/how-does-a-revocable-living-trust-avoid-probate-3505224

At Legacy Planning Law Group, we specialize in Wills and Trusts.

Our Attorney Bill O’Leary has over 20 years of exclusive Estate Planning experience. No matter how extravagant or how modest your Estate is, you have one, and without a Will or Trust, you will have to go through the full Probate process, which can be costly and very timely. And this will all come at a time of mourning and greiving which tends to make the simplest tasks more difficult.

Let our experienced Attorney Bill O’Leary help you decide what Estate Plan is best for you now.

Call us today at 904-880-5554 to speak with someone about your personalized situation.

We can set up a time for you to meet with Bill, where he will explain in extreme detail all your options and make recommendations to fit your own unique situation.

Don’t have time to call? Then click here and set up a complimentary 15-minute phone call on a day and time you choose, that is most convenient for you:

https://legacyplanninglawgroup.com/book-a-call/

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https://legacyplanninglawgroup.com/

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Do not delay in getting your affairs in order. Let us help you “Avoid the Blood Sucking Probate Process”!