Wills guarantee probate...so if your estate is guaranteed to go through
probate, there is an attorney waiting for the probate fees!!!
A friend of mine graduated from law school 1 year ago. I asked her if
she would be interested in doing trust work for some of my clients. In the
six years she attended law school, they only taught her about WILLS AND
PROBATE. Nothing about trusts and how they work.
So, based on the number of attorney’s that practice law and offer
only WILLS AND PROBATE work, it is probably safe to assume that most won’t
practice what they haven’t been taught. That’s usually a good
thing.
One key point….based on what the standard fees are that attorneys
charge, let’s say an average of 5% of the GROSS estate before bills are
paid and other expenses are deducted, a $200,000 estate would have a
$10,000 attorney fee deducted from it. If you figure the attorney charges
$175 per hour, this means that he would have worked over 57 hours to earn
this fee. There are attorney’s that charge about 10 –12 hours to
settle an average estate (if you can find one). Chances are if you have a
will, you never asked what the fees for probate are! You may want to make
that phone call now! Oh, and don’t forget to ask for the total fees
(attorney’s, court, advertising, appraisal, accounting, etc.) in
writing...even if it is a close estimate.
Therefore, if you are searching for an attorney to handle your estate
planning needs, wouldn’t it make sense to talk to an attorney that knows
both options in depth? You wouldn’t go to a cardiac surgeon for an ear
problem or an automotive body shop to have your engine repaired….would
you? When 98% of attorneys lack proper knowledge about trusts and complete
estate planning, wouldn’t it make sense to find one that has focused on
specialized training to meet your needs?
At Integrity Estate Advisors, planning our client’s estates is
all we do. We use attorney’s that know both Wills and Trusts. They also
have other areas of expertise needed to create proper documents to protect
your estate. Since this is a specialized area, there are only a few
attorney’s who qualify. A qualified attorney may be part of our Proper
Estate Planning process.
Depending on your needs, there are several ways to “PROBATE PROOF”
your estate. It IS possible to eliminate probate, which will eliminate
the high costs and long delays (9 months—2 years) of probate. Without
going through the probate process, your heirs should receive more of
your legacy, and receive it within weeks instead of many months or
years.
A PROPERLY PLANNED ESTATE can maximize your legacy to
your heirs and minimize the time and hassles of distribution.
* Some estates may need to go through the probate process, but they are
few.
