When Probate Matters

This morning I received a call from a son who just loss his mother to cancer. I expressed my condolences and we proceeded to discuss the reason for his call. His mother, who was very meticulous and maintained very good records of her finances, died without a Will. As you can imagine the drama unfolds from this point.

There are 3 children and they have at least agreed that the son who made the call to me could serve as the Administrator of the Estate. If that had not been agreed upon, the administration of the estate could be significantly delayed. Of course there are other issues that could have been avoided with a Will.

(1) The mother wanted her eldest son to have her extensive art collection - NOT - (they do not agree)
(2) The homestead still has a mortgage on it and one daughter wants to stay in the home - NOT - (they do not agree)
(3) The mother wanted everything to be equally distributed upon her death - NOT - (she only had one of her children on her insurance policy and on her bank account)

AND THE LIST goes on. Plan now and let us help you by contacting us at http://www.ythlaw.com/

Probate - How much does it cost?

Not only are people interested in how long probate will take (as discussed in the prior posting) but also how much will it cost. The cost of probate depends upon many factors as well. Does the jurisdiction (state) have a specific cost based upon the size of the estate? There are bills that have to be paid, professional service fees for legal and tax matters, cost of posting a bond, if required, legal notice/advertisement costs, cost associated with the sale of assets such as real estate, reimbursement for administrator/executor expenses or payment of a fee, among many other things that may arise. Many of these costs apply whether there is a will that must be probated or a trust that has been set up, depending upon its terms and conditions.

It is important that you address the cost as well as the time associated with probate during the estate planning process. You can save more money for your heirs with proper advance planning. We are available to answer your questions. Call for a free consultation.