Probate is a costly, difficult, time consuming process that lots of estates must go through upon the death of a loved one. Thankfully, with proper estate planning utilizing Revocable Living Trusts, it is definitely possible to prevent probate. As a Cleveland, Akron location estate planning attorney, we assist clients avoid probate and conserve thousands of dollars on probate fees, lower the stress and hassle of litigating, and make the loss of an enjoyed one a lot easier to handle.
Court of probate is a court in every county that deals with lots of household law concerns. In this case, we are focused on the Probate Court’s jurisdiction over decedent estates. Decedent estates are comprised of all properties that a private owned personally upon their death. I routinely practice in Cuyahoga County Probate Court, Summit County Probate Court, Medina County Probate Court, Lorain County Court Of Probate, and all surrounding areas.
Probate court needs an administrator to file lots of types with the Court of probate with the objective of identifying all of the decedent’s possessions, paying all of the decedent’s debts and then distributing the remainder of the decedent’s possessions to the recipients. In a probate estate administration, this is all public and each form will be offered to the public. That indicates all of your personal financial details will be offered to all your nosy neighbors and potential lenders. If you use Valente Law as your estate planning attorney to develop a Revocable Living Trust based estate plan, you can keep all of your info private!
Probate estate administration is pricey. The executor is entitled to fees for acting as administrator. The costs are set by statute and begin at 4% of the first $100,000 dollars in individual assets. That’s $4,000 just on the very first $100,000, and there will be more fees for bigger estates. The executor is most likely going to need a lawyer. The attorney will charge a comparable cost. Now you depend on $8,000 in probate fees, just on the very first $100,000! What a waste of money! Fortunately is, these charges can be avoided with a Revocable Living Trust-based estate plan.