Avoid Probate – Part 5 – Attorney and CPA Fees
Probate cases are expensive. Attorneys and accountants addressing Probate cases work on an hourly fee basis. The uncertainties and vagaries of the litigation process preclude the ability to develop a fixed price approach. Each action by the lawyer or accountant comes at a price – an hourly billed price. The Probate process remains rich in generating fees for these professionals.
The original filings necessitate substantial attorney time to identify, gather, and present all assets and liabilities through initial pleadings. Accountings require substantial attention, perhaps by both the lawyers and accountants. Court appearances inevitably take longer than anticipated. Delays result from client issues, lawyer scheduling conflicts, and the Court’s own scheduling issues. Each delay translates to increased transaction costs for attorneys.
In contrast, the attorney time associated with administering a Living Trust, quite often, relates to guidance on distributing assets. Comprehensive listing of assets and liabilities, and accountings, all of which otherwise would need to be filed with the Court, may well not be necessary with administering a Living Trust. With no Court supervision, there are no attorney costs associated with motions or other filings. There are no Court appearances under a Living Trust.
The alternative of prompt, perhaps immediate, distributions pursuant to the wishes of the deceased exists. Administration of estate issues from a Living Trust, including distributions, can take place as soon as the decedent leaves this realm. There is no Probate over Living Trust distributions.
To avoid your estate paying for all those hours of attorneys and accountants to prepare, file and pursue Probate proceedings which are uncertain in nature, reach out for Estate Planning Attorney Michael Geiger at (901) 219-5549 or at michael@geigerattorney.com. Michael prepares comprehensive estate plans precisely designed to avoid the Probate process.