I was working with a family earlier this year regarding their mother’s probate estate. Anytime I work with a family through the probate court process the most common question that I receive is “what is all of this going to cost?”
Every time I hear that question I always respond the same way, “that is almost impossible for me to answer.” I explained to this family that each probate court case is unique, with its own unique set of issues, heirs, assets, and other matters. However, I explained that most probate court cases when you start adding up all the attorney fees, court costs, executor compensation, appraisal fees, auctioneer fees, and all the miscellaneous other costs that come up can easily total upwards of $10,000, $20,000, or even more.
In addition, I explained to this family that most probate matters can last anywhere from a minimum of six months to two years or longer before everything is settled. During that time it can be very difficult for the surviving family to access bank accounts, pay bills, and even sell property such as your mother’s old home without obtaining approval from the probate court judge first.
I explained to this family that it is very difficult to determine the length of the probate court matter and the estimated cost of the probate court matter without first looking through everything involved in your mother’s estate.
It is because of this uncertainty that many families that I work with prefer to set up their estate in advance and set up a customized plan so that the uncertainty is completely eliminated and the entire probate court process is avoided.
If you have questions or concerns regarding the proper comprehensive estate plan to put in place for your family to ensure a smooth transition of your wealth to the next generation, then please contact our office for a complimentary visit and conversation so that we can discuss your estate planning needs in further detail.
We look forward to hearing from you!