Probate is the legal process by which an individual’s estate is administered through the Court when he or she died without a living trust, and either has real property and/or assets valued at over $150,000. Probate can be a long and costly process. Even simple probates often take a year or more to complete.
Probate can be avoided through proper estate planning. A good estate plan costs a fraction of probate. Probate includes fees that are approximately $23,000 for a $1m estate. This is on top of the lost time waiting for the funds.
A will alone is not enough to avoid the probate process. As noted above, a living trust is required if you own real property and/or personal property greater than $150,000. It is important that you work with an attorney not only to assist you in creating a living trust, but also to ensure that you appropriately fund the trust. If you leave significant assets outside of your Trust when you die, a court process will still be needed to confirm the assets to your Trust.
The attorneys at Bryant Elder Law work closely with our clients to create a living trust that will serve their needs.
At Bryant Elder Law, we understand that in every case, we have the opportunity to make a positive difference in our clients’ lives. We take a holistic approach to our practice, partnering with our clients to improve their situation. We are fully invested in our clients’ success and will be with you each step of the way. We focus on results & Making the legal process easy for our clients.
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