Get Answers to Other Questions Regarding Probate
What Are The Options And Best Ways To Avoid A Probate?
The first option to avoid probate is to have beneficiary designations on all of a person’s property. If there is a beneficiary designation naming the people to receive it upon the death of the owner of that property, it will pass without probate to the people who have been named as beneficiaries.
A second way to avoid probate is to have the property owned with another joint owner or joint owners with rights of survivorship. In that case, when a person dies, the property becomes by operation of law owned by the remaining joint tenant or joint tenants without having to go through probate. One of the most popular mainstream ways to avoid probate is for a person, during his or her life time, to set up what is referred to as a revocable trust or a living trust. The person can control the living trust but have their trust on the assets rather than the assets being owned in the individual’s name. Then in case of death, the trust acts as a will and directs where the assets are to be distributed without having to go through probate.
What Is A Revocable Trust?
A revocable trust is a substitute for a traditional will. The main advantage that it provides is that it passes property at death the same way as a will does. The only difference is that it passes that property without that property having to go through probate.
What Are Going To Be The Main Costs Involved? Is Probate Expensive?
Typically, there are three costs that are involved:
- The first cost is going to be attorney fees.
- The second cost is going to be the fee that the executor gets paid.
- The third fee is court costs that are assessed.
Generally, the two more expensive fees are the attorney’s fees and the executor’s fees. In a state like Missouri, each of them, by statute, receive the same fee, which is calculated as a percentage of the estate.
Could Someone Realistically Try And Navigate The Probate Process On Their Own?
Not realistically. In Missouri, for example, if the estate is independent administration, the court requires that the executor or personal representative have an attorney. If it is supervised administration, it is not required by law that the executor or a personal representative has an attorney. However, for practical purposes, they are going to need one.
What Happens Once The Probate Is Over? What Does Life Look Like Post Probate?
Post probate, all of the decedent’s final affairs and expenses, ranging from tax returns to debts that are owed and the like, have been totally satisfied. After that, all of the property has been distributed out of the estate to the beneficiaries that are entitled to it, either under the will of the decedent or if the decedent did not have a will, as state statute provides.
What Are Some Other Things To Know About Probate?
One thing to note is that probate is not always smooth because in many, many estates, there are beneficiaries who have conflicts with other beneficiaries, who believe somebody has committed a wrongdoing or the like. Sometimes, settling an estate can become very contentious. There can be lawsuits filed in those types of things. There are other times that the effort and expense that probate takes as a result of what ends up being a litigious nature can cause conflict amongst beneficiaries.
If you need Answers to Other Questions Regarding Probate, call the office of Estate Plan Strategies LLC for a FREE Initial Consultation at 314-454-9100 ext.125 and get the information and legal answers you’re seeking.
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