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October 17, 2019

Estate Planning with Revocable Living Trusts to Avoid Probate

by Jackson Watson in Estate Planning

Probate is a pricey, stressful, time consuming process that many estates need to go through upon the death of a liked one. Thankfully, with proper estate planning utilizing Revocable Living Trusts, it is absolutely possible to avoid probate. As a Cleveland, Akron location estate planning attorney, we assist clients avoid probate and conserve thousands of dollars on probate fees, lower the stress and trouble of litigating, and make the loss of a loved one much simpler to deal with.

Probate Court is a court in every county that deals with lots of household law issues. In this case, we are focused on the Court of probate’s jurisdiction over decedent estates. Decedent estates are consisted of all assets that a private owned personally upon their death. I regularly practice in Cuyahoga County Probate Court, Summit County Probate Court, Medina County Probate Court, Lorain County Court Of Probate, and all surrounding areas.
Probate court requires an administrator to submit numerous forms with the Court of probate with the objective of identifying all of the decedent’s properties, paying all of the decedent’s debts and after that dispersing the remainder of the decedent’s properties to the beneficiaries. In a probate estate administration, this is all public and each kind will be readily available to the general public. That means all of your personal financial details will be offered to all your meddlesome next-door neighbors and possible financial institutions. If you utilize Valente Law as your estate planning attorney to create a Revocable Living Trust based estate plan, you can keep all of your details private!

Probate estate administration is pricey. The administrator is entitled to charges for acting as administrator. The fees are set by statute and start at 4% of the first $100,000 dollars in individual assets. That’s $4,000 simply on the first $100,000, and there will be more costs for bigger estates. The executor is most likely going to require a lawyer. The attorney will charge a similar cost. Now you depend on $8,000 in probate fees, just on the very first $100,000! What a waste of loan! The bright side is, these fees can be prevented with a Revocable Living Trust-based estate plan.