A probate can tie up your assets as well as your estate executor’s time. It can also cost your estate money. A living trust can help you avoid probate, and save your family unnecessary and complicated procedures during what is already a difficult time.
Avoiding Probate | Probate Lawyer in Cary NC
Probate is when your estate is inventoried and appraised. Your debts are reviewed and paid from your assets. Any taxes you owe are also assessed and paid. Then the remainder of your estate is distributed to your heirs according to what you outlined in your will.
The probate process can take up to a year to complete in some cases. It ties up the assets, such as money and property that your family is supposed to receive. The cost for a probate can be expensive in some cases. Court fees can take up to 5% of your estate in some states.
In most cases, the process is simply clerical work. There are few times that a will is contested or deemed invalid. However, there are fees in addition to the court costs. The executor of the estate as well as the attorney handling the will are going to request fees for their services. If the executor of your estate is going to receive a portion of it, then he or she may waive the fee. There may be other costs involved, such as appraisal costs and other miscellaneous fees.
For more information about probate, visit back with our future blog post, soon. If you have questions, feel free to contact our probate lawyer in Raleigh NC.
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our probate lawyer in Raleigh NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
As always, feel free to contact us with any questions or concerns you may have about your current estate plan. Also, feel free to contact our office to schedule a consultation with us if you are looking for a probate lawyer in Cary NC. We are here to help you with all your legal matters, whether it be small business, trademarking, copyrighting, or DWI issues.