After the death of a testator (the owner of an estate) the individual’s estate undergoes probate. This process, which is usually expensive, time-consuming and stressful, is done for a few reason one of which is to determine the validity of a will.
To navigate the probate process without much difficulty, you’ll need the help of a good probate attorney. If you are named as the estate executor, you will need the help of this professionals when handing the probate process.
However, before you go ahead and hire a probate lawyer, you need to know the cost. You certainly don’t expect a professional like a probate lawyer to work for you pro bono.
In this article, we’ll take a look at how much it coast of hire a probate lawyer. But before we do so, let’s refresh your memory a bit.
Importance of Estate Planning
Creating an estate plan is synonymous to securing you future and the future of those you care about. Without this all-important plan, you’ll be causing lots of havoc in your family. There will be lawsuits, quarrels, and disunity which may end up damaging your family.
Planning an estate is very important. Forget about the misconceptions; estate planning is for everyone be it the rich and the poor. You see, there are lots of benefits attached to planning your estate that is why you see most people embrace estate planning like their lives depend on it.
Without an estate plan, how will your assets be shared? How will your assets be managed? Ponder these things and make up your mind.
What is Estate Planning?
Estate planning is a very common term. It is basically a plan created in preparation of one’s death. Estate planning is all about creating a plan that involves how you want your assets to be shared and managed after your death. An estate plan can also cater for you if you become incapacitated. With an estate plan, you’ll have a say in all of your affairs even after your death.
What is Probate?
Probate is a legal process done to determine if a will is genuine or not. This process which usually kick off after the death of the testator is often handled by the estate executor. If an estate executor wasn’t named, it is the duty of the court to name one.
People are often scared of probate due to how difficult, time-consuming n and expensive it can be. A competent estate planning lawyer will advise his or her client to plan an estate that avoids this painstaking process.
If you are named as the executor of an estate that is on the verge of undergoing probate, you will need the help of a probate attorney to sail through the process.
Probate usually involves paying all outstanding debts and taxes of the deceased, inventorying the decedent assets, and distributing the assets to rightful beneficiaries.
Who is a Probate Lawyer?
A probate lawyer is a state licensed individual skilled in handling matters related to probate. This professional works with the beneficiaries and executors of an estate to ensure that the probate process is done smoothly, without any hindrance or difficulties. In some cases estate owners can ensure that their estate avoid probate by creating a trust. A trust will facilitate the easy transfer of assets without probate.
How Much Does Hiring one Cost?
The fee associated with hiring a probate lawyer is not constant. It depends on the probate lawyer and how the individual charges clients. Probate lawyers charge their hourly, or using a flat rate.
Hourly
This is regarded as one of the common methods by which probate lawyers charge their clients. Hourly rate depends on the experience of the lawyer in question and where you reside. If you live in rural area, the lawyer may charge you $150 per hour. However in urban areas, you are likely to be charged around $200 per hour and upwards.
Flat
An experienced attorney is quite aware of the stress involved in handling a probate profess. So this individual charges a lump sum. The money varies and it largely depends on the wok at hand and the type of probate lawyer.