The Truth About Probates
A proper coordinated estate plan can allow your estate to be administered quickly, privately, and at lower cost – saving for your children the legacy you worked so hard to achieve. On the other hand, probates are time consuming, a matter of public record, and are expensive.
Probates generally take one year or longer to conclude, and probate fees are set by statute. Let’s take a very simple example. Assume you have a single surviving spouse who leaves behind one minor child and nominates in her will a family friend to administer the estate. The only asset is a house valued at $500,000 (note: a mortgage does not reduce the value). Here, the attorneys’ fee alone would be $13,000. The executor of the estate could also request a fee of $13,000. In this simple example, the child’s inheritance would be reduced by $26,000 plus additional court related costs.
At Lester, Cantrell & Kraus, LLP we have a dedicated and experienced staff of estate planning attorneys who can assist you with designating a power of attorney, writing a will, preparing a living trust, and much more. Contact us for a consultation.
Arrange a Consultation
If you don’t yet have an estate plan, it’s time to get it done. Your death or incapacity will be emotionally traumatic for your family; don’t make it legally difficult as well. Call Lester, Cantrell & Kraus, LLP at (951) 300-2690 for a phone consultation. We also meet clients by appointment in Newport Beach.