How expensive is probate?
This is a frequent question, and one which often causes worry. As with the amount of time Probate may take, the answer to this question is highly dependent upon how organized the Estate is. The longer the Attorney must spend searching for and qualifying assets, the more expensive Probate will become. Other factors, such as sales of real estate, liquidation of estate assets, and disputes amongst heirs also increase the cost of Probate. Creditors may sue the Estate. Relatives may appear, purporting to bear Wills and other documents created by the decedent which contradict the Will already presented to the Court. This may lead to a lengthy and expensive Will contest. All of this adds to the cost of Probate. Fees may also be set by State legislatures, often as a percentage of the gross Estate, or linked to various factors of complexity. Generally speaking, Probates of smaller Estates cost less. They may have simplified proceedings as well.
If you have a simple estate, the cost of probate may be lower than the cost of creating a trust to avoid probate. Our lawyer will help you determine whether filing for probate or placing your assets in a probate avoiding trust should be the correct option for you. Can a trust shelter my assets if I need Medicaid? Planning for the high cost of nursing home care should begin years before your health fails. A special needs trust or Medicaid trust can set aside funds that will provide for a higher quality of life for you or a child in the event you need government assistance for health care. Whether you need a simple will, or will benefit from an irrevocable trust, a revocable trust, or a Medicaid trust, our attorneys will take the time to see that your family and your assets are protected. Contact our office to make arrangements to meet with one of our attorneys. At Scheich & Goldsmith in New York living trust attorneys assist clients throughout New York City (NYC) and Long Island, includ
