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Probate is a court case to protect creditors, and can cost of $2,500 to 8% of the value of an estate. In addition, if you own assets in more than one state, you may face a probate in each of those states. Even if you have a $101,000 home with only $500 of equity, there would be a probate court case which would take from 9 months to 2 years to complete. Because each situation is different, we recommend paging an attorney to discuss your unique situation. If your home is titled in Joint Tenancy, a probate court case would not be required on the death of the first, but there would be a probate court case when the surviving spouse passes away, and the costs for the probate would be taken from the beneficiary’s share.
Would you want your loved ones to face unnecessary expenses, delays and estate taxes after your passing?
You don’t need a huge estate to get huge benefits from estate planning!