Holding a probate upon the death of an estate owner has a reputation of being a costly but necessary process since it allows the assets to be distributed to the rightful beneficiaries. In cases where there is no probate process, the assets left behind by the deceased might not go to the intended as stated in the will. Fortunately, there are measures to ensure a smooth distribution of assets while reducing probate rates at the same time.
Normally, a will appoints an executor who is responsible for handling the distribution of the estate. At times, the executor is a trusted friend or relative of the deceased and thus is entitled to inherit an amount from the property. In this case, family members can ask that the executor waives his or her fee.
Donations to charity and endowments that have been specified in the will can also help to reduce tax costs. In this case, a lawyer who is well-versed in probate rulings will help protect the assets while staying true to the wishes of the deceased. A charitable donation cannot be challenged in any way.
Negotiating attorney's fees is also a way to minimize probate rates. However, probate fees are typically based on a portion of the estate eligible for probate. In addition, unless one is appointed as the executor of the will, he or she can't select an attorney.
Normally, a will appoints an executor who is responsible for handling the distribution of the estate. At times, the executor is a trusted friend or relative of the deceased and thus is entitled to inherit an amount from the property. In this case, family members can ask that the executor waives his or her fee.
Donations to charity and endowments that have been specified in the will can also help to reduce tax costs. In this case, a lawyer who is well-versed in probate rulings will help protect the assets while staying true to the wishes of the deceased. A charitable donation cannot be challenged in any way.
Negotiating attorney's fees is also a way to minimize probate rates. However, probate fees are typically based on a portion of the estate eligible for probate. In addition, unless one is appointed as the executor of the will, he or she can't select an attorney.
