Probate is a costly, demanding, time consuming procedure that many estates must go through upon the death of an enjoyed one. Luckily, with appropriate estate planning using Revocable Living Trusts, it is absolutely possible to avoid probate. As a Cleveland, Akron location estate planning attorney, we help clients prevent probate and save countless dollars on probate costs, decrease the stress and inconvenience of going to court, and make the loss of a liked one much easier to deal with.
Court of probate is a court in every county that deals with many family law problems. In this case, we are concentrated on the Probate Court’s jurisdiction over decedent estates. Decedent estates are comprised of all possessions that an individual owned personally upon their death. I frequently practice in Cuyahoga County Court Of Probate, Summit County Probate Court, Medina County Probate Court, Lorain County Court Of Probate, and all surrounding areas.
Probate court needs an executor to file many forms with the Court of probate with the objective of recognizing all of the decedent’s assets, paying all of the decedent’s debts and after that distributing the remainder of the decedent’s properties to the beneficiaries. In a probate estate administration, this is all public and each kind will be offered to the general public. That means all of your individual monetary information will be readily available to all your nosy neighbors and potential lenders. If you use Valente Law as your estate planning lawyer to produce a Revocable Living Trust based estate plan, you can keep all of your information private!
Probate estate administration is pricey. The administrator is entitled to charges for acting as executor. The fees 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 larger estates. The administrator is more than likely going to need a lawyer. The lawyer will charge a similar fee. Now you are up to $8,000 in probate charges, simply on the first $100,000! What a waste of cash! The excellent news is, these fees can be prevented with a Revocable Living Trust-based estate plan.