If you’ve worked hard your entire life and accumulated wealth, you most likely want to leave as much of it as possible to the people you love. It’s for this reason that people create wills and trusts. Done right, a solid estate plan can eliminate the guesswork and ensure that your assets go to the right people upon your death.
While trusts don’t go through probate, any will that you leave behind will be subjected to this legal process. Probate involves identifying your properties and beneficiaries, verifying your will, paying any debts relating to the estate and distributing what is left according to the provisions of the will.
Probate costs money. Having a clear understanding of the costs associated with probating your will can help your loved ones to avoid unpleasant surprises when it’s too late to do anything to mitigate costs. With that said, no two estates are the same.
Cost concerns
While California does not have estate tax, your estate may, nonetheless, be subjected to federal taxes if it’s worth $13.61 million or more.
A valid will that has clear stipulations is quite easy to probate. The opposite is true of a will that is unclear or has invalid provisions. Simply put, will disputes cost money, and this can push up the cost of probating an estate.
Finally, other factors that can impact the cost of probating your California will include court fees, professional fees and accounting fees.
Protecting your legacy
Probate is inevitable when you create a will. Find out how proper legal guidance can help you protect your legacy – and preserve as much of your estate’s resources as possible – while you’re drafting your will.