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In this series of blogs, I am outlining various different types of probates or probate alternatives to settle an estate and their likely costs. As I mentioned in the introduction to this series, the cost is predominantly determined by the type of procedure followed. 

In Part One, I discussed probate as a muniment of title, which is usually one of the least expensive procedures. In Part Two, I discussed the cost of an independent administration of the estate. Both of those procedures require the decedent to have had a will. In Part Three I discussed how if there is no will, the least expensive way to settle the estate through a court proceeding is a small estate affidavit.

In this series of blogs, I am outlining various different types of probates or probate alternatives to settle an estate and their likely costs. As I mentioned in the introduction to this series, the cost is predominantly determined by the type of procedure followed. 

In Part One, I discussed probate as a muniment of title, which usually is one of the least expensive procedures. In Part Two, I discussed the cost of an independent administration of the estate. Both of those procedures require the decedent to have had a will. If there is no will, the least expensive way to settle the estate through a court proceeding is a small estate affidavit.  

In this series of blogs, I am outlining various different types of probates or probate alternatives to settle an estate and their likely costs. As I mentioned in the introduction to this series, the cost is predominantly determined by the type of procedure followed. In Part One, I discussed probate as a muniment of title, which usually is the least expensive procedure. Many times that type of probate is not appropriate, though, and an independent administration is required.

In this series of blogs, I am outlining various different types of probates or probate alternatives to settle an estate and their likely costs. As I mentioned in the introduction to this series, the cost is predominantly determined by the type of procedure followed. This type of probate is the least expensive formal, court-administered proceeding. 

One of the first questions the family of a loved one that has passed will ask is, “What will it cost to settle the estate?”

If an attorney handles incorporation for you, he or she should take all of the steps necessary to set you up to go forward conducting business according to sound legal requirements to preserve the protection that is a primary goal of incorporation. This would include filing a certificate of formation with the secretary of state, drawing up initial bylaws or operating agreement (for a LLC), drawing up minutes of the organizational meeting, issuing stock or membership interests (for a LLC), and providing forms for minutes on an ongoing basis.
     

Also, the attorney usually will provide a set of instructions to you on formalities that need to be followed after incorporation to maintain protected legal status of the corporation.

Many people are afraid of drawing up a will and doing other estate planning because of the perceived high cost. The truth is, drawing up a will is a small cost compared to the cost of probate of an estate if you die without a will and own almost any property.
             

For a simple “Mom and Pop” will, where spouses leave everything to each other, if surviving, or on the death of the survivor to their adult  children, the cost is not likely to be more than $500 per person. Even if trust provisions are added to the will for possible minor beneficiaries, the cost is still likely around $750 per person.

How prenups dovetail with estate planning