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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

3 Simple Ways to Avoid Probate Costs

September 5, 2022 By Gratia P. Schoemakers, Esq.

The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law.  Depending on the probate’s complexity, fees can run into tens of thousands of dollars.

The good news: probate costs can be reduced by avoiding probate.  It’s really that simple.

Here are three simple ways to avoid probate costs by avoiding probate:

probate costs
  1. Name a Beneficiary. The probate process determines who gets what when there is no beneficiary designation.  So, naming a beneficiary is the easiest way to avoid probate.  Common beneficiary designation assets include:
    • Life insurance
    • Annuities
    • Retirement plans
  2. Create and Fund a Revocable Living Trust. A revocable living trust owns your property, yet you remain in charge of all legal decisions until your death.  After your death, your named trustee manages your assets – according to your wishes.  A trust works well if properly created and funded by an experienced estate planning attorney.
  3. Own Property Jointly. Probate can be avoided if the property you own is held jointly with a right of survivor-ship.  There are several ways that you can establish joint ownership of property such as:
    • Joint tenancy with right of survivorship – ownership simply transfers to other tenants upon your death;
    • Tenancy by its entirety – is a form of joint tenancy with right of survivorship, but only for married couples in some states;
    • Community property – property obtained during a marriage in some states;

State laws play an important role here.  We can help you determine which form of joint ownership, if any, is a good fit for you.

We Have the Tools to Help You

Call or contact our office today.  We’ll help you decide whether it makes sense to avoid probate in your particular case and, if so, the best way to do so.

Filed Under: Estate Planning, Trusts, Wills, wwPROBATE Tagged With: Beneficiaries, Cost, Living Trust, Probate, Probate Costs, Probate Court, Property

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