Minimizing Probate When Setting Up Your Estate
What can you do to lessen its impact for your heirs?
Provided by Greg Ferguson
Probate subtly reduces the value of many estates. It can take more than a year in some cases, and attorney’s fees, appraiser’s fees, and court costs may eat up as much as 5% of a decedent’s accumulated assets.1
What do those fees pay for? In many cases, routine clerical work. Few estates require more than that. Heirs of small, five-figure estates may be allowed to claim property through affidavit, but this convenience isn’t extended for larger estates.
So, how you can exempt more of your assets from probate and its costs? Here are some ideas.