Probate is the legal process where the court oversees orderly administration of your estate including payment of debts and distribution of assets to your heirs. A will does not prevent probate. Rather, the process of probate ensures the wishes of your will are upheld.
Although probate may not be a big problem for some estates, most people will find it beneficial to avoid.
Probate can be expensive. Although Utah, like many states, follows the Uniform Probate Code allowing fairly informal probate, Nevada has its own system. In Nevada, Clark County attorneys are generally charging 6% of your estate for probate as a rule of thumb. Even if you have a modest estate, perhaps just a home valued at $200,000, you would expect to pay approximately $12,000 in attorneys’ fees for probate. You could certainly pay much less for proper estate planning to avoid probate.
Probate takes time. In notifying creditors alone you can expect to spend 90 days. Most probates in Nevada will take at least 4-6 months.
A revocable living trust is the preferred vehicle to avoid probate. A trust is ideal to provide ease of administration and a reasonable cost to your estate. Contact an estate planning attorney for more information.
Comments