Unraveling false ideas concerning probate

On Behalf of | Mar 18, 2017 | Probate And Estate Administration

For more than a decade, the attorneys at Cassady Law Offices, P.C., have been assisting clients from the greater southern Nevada area with their estate planning needs. Throughout that time, we have seen that there are many false ideas floating around regarding probate. Our job is to unravel this complex issue by explaining it in layman’s terms to ensure our clients fully understand the process, which can greatly benefit them in estate planning matters.

One misconception is that probate is so expensive, it will wipe out all of your assets. However, this is seldom true, since people can entirely avoid probate by placing all their assets in a revocable living trust instead of in their name.

In regards to a decedent whose assets have a value of less than $200,000, the estate might qualify for a different type of probate that is less expensive and more simplified, such as a small estate set-aside, an affidavit of entitlement or a summary administration. However, if the estate does end up in a formal probate, and there is no litigation needed to settle the estate, the cost is typically just a small percentage of the estate’s value.

Then there is the fallacy that probate is a simple and routine process. The truth is, however, that while in many instances probate can be, issues including disputes about the will’s terms, claims of undue influence, breach of fiduciary duties by an executor or challenges made if the will was improperly executed can turn it into a long and complex process.

Our law firm is dedicated to helping people through the estate planning and administration process. If you would like to know more about the services we might be able to provide, please visit our page on probate.