Avoiding Probate With Estate Planning
Probate can be avoided with proper planning before death. We strongly advise most people to have a trust written and to put their property in a trust. However, there are other ways to avoid probate that are cheaper than a trust that will work well for some people. View more details on Trusts. For information on cheaper will and trust substitutes see: Will or Trust Substitute
3 Reasons to Avoid Probate by Putting Property in a Trust:
- It can be significantly cheaper
If there is any substantial property involved, it is significantly cheaper to have property pass through a trust than through probate. Our firm will do most trusts as part of package that includes a pour-over will and a healthcare power of attorney for only $950, which is even cheaper than what he have heard some paralegals will charge for similar documents. Our probate rates are discussed above. If a person dies with their property in a trust, most times the successor trustee can handle the distribution of property without an attorney. Few people can do probate without an lawyer.
- Probate Can Be Time Consuming
Depending on the amount of property involved, probate can take months, even if all of the next of kin / beneficiaries agree on everything.
- Probate Is A Public Record
Probate is a public record and that may not be desirable. If you are leaving your daughter $350,000 do you want a public record of that?
Money Saving Tip:
Many attorneys write Wills for $100, which is poor pay considering the time involved and overhead expenses of running a law office. This "loss leader" is done in the expectation that a certain number of these Wills will come back to the lawyer who wrote the Will, especially if the attorney tries to keep the original for "safe-keeping". The Will requires one to go through the time and expense of Probate. We feel ethically bound to point out to potential clients that a trust or other arrangement to avoid probate is far superior to writing a Will.
Cost of a Trust For Nevada Residents at Reed & Mansfield:
We create a trust package for $950 so we urge clients with any significant assets to plan to avoid probate. If you are a Nevada resident looking to create a trust please contact us.
Although three members of this firm are licensed in California as well as Nevada, we currently restrict our trust practice to Nevada residents. However, we can refer you to a high quality, low cost California trust attorney if you like. Contact Us.