Estate Planning with Revocable Living Trusts to Prevent Probate
Probate is a costly, difficult, time consuming process that many estates must go through upon the death of an enjoyed one. Fortunately, with appropriate estate planning utilizing Revocable Living Trusts, it is absolutely possible to prevent probate. As a Cleveland, Akron location estate planning attorney, we help customers prevent probate and conserve countless dollars on probate costs, minimize the stress and hassle of going to court, and make the loss of an enjoyed one much simpler to deal with.
Probate Court is a court in every county that deals with lots of household law issues. In this case, we are concentrated on the Court of probate’s jurisdiction over decedent estates. Decedent estates are consisted of all properties that an individual owned personally upon their death. I frequently practice in Cuyahoga County Court Of Probate, Top County Court Of Probate, Medina County Probate Court, Lorain County Court Of Probate, and all surrounding areas.
Probate court requires an administrator to submit many forms with the Probate Court with the goal of identifying all of the decedent’s possessions, paying all of the decedent’s financial obligations and then distributing the rest of the decedent’s possessions to the recipients. In a probate estate administration, this is all public and each kind will be offered to the public. That implies all of your personal financial info will be offered to all your nosy neighbors and potential creditors. If you use Valente Law as your estate planning lawyer to create a Revocable Living Trust based estate plan, you can keep all of your details private!
Probate estate administration is expensive. The administrator is entitled to charges for working as executor. The charges are set by statute and start at 4% of the first $100,000 dollars in individual possessions. That’s $4,000 simply on the first $100,000, and there will be more fees for larger estates. The administrator is probably going to need a lawyer. The attorney will charge a similar charge. Now you are up to $8,000 in probate fees, just on the very first $100,000! What a waste of loan! The bright side is, these costs can be avoided with a Revocable Living Trust-based estate plan.