Where there is a Will there is a PROBATE!
The ancient proverb told us that “Where there is a Will there is a way.” But the wisdom of this proverb was written before the advent of Probate. Now you will hear lawyers say “Where there is a Will there is a PROBATE!
PROBATE is a boon to lawyers, but a curse to the family both financially and emotionally. The average cost of PROBATE in
For example, a residence in probate that has a value $1,000,000 and a mortgage of $800,000 will experience an estimated probate cost of $50,000. This is that much less available to the family to help provide for the loss they have just experienced.
If the cost were not enough it is estimated that the average probate lasts between 12 and 16 months. Not only are the assets diminished they are unavailable for an inordinate period of time when they may be most needed.
This can all be avoided by proper planning with a Personal Family Lawyer. Yes proper planning has a cost, but the spiritual and financial savings are tremendous. It is the one gift that only you can give your heirs.