From Our Las Vegas Office,
We Assist Clients With Probate, Trust Administration, Elder Law And Estate Planning

Is probate expensive? Avoid hidden costs

On Behalf of | Mar 20, 2023 | Probate

If you are the beneficiary or executor of a loved one’s Nevada estate, you may want to resolve all legal processes in a timely and efficient manner. If you do not do things correctly, hidden costs can arise. If you are worried that the probate process will be so expensive that it will take most of the estate, perhaps this post can alleviate some of your concerns.

If you are not a Nevada resident but your deceased loved one was, you can ask someone to act on your behalf in this state, so that you do not have to take time off work and set your daily life responsibilities aside to travel and settle legal affairs in person. In the meantime, learning more about probate, including its purpose and how to avoid unnecessary costs, may bring confidence and peace of mind as you settle your loved one’s estate.

Probate is a multi-purpose process

young married couple talking to an estate planning lawyerThe following list shows several issues commonly addressed through the probate process:

  • Proving a last will and testament
  • Checking whether there are any legal contests against the will
  • Adjudicating any existing claim
  • Transferring assets to beneficiaries

Certain issues take longer than others to resolve. For instance, if you have evidence to show that your loved one lacked testamentary capacity to sign a last will and testament, the probate process may take longer than it would if you were not issuing a challenge against the will.

Ways to avoid hidden costs in probate

As your loved one’s estate passes through probate, the estate’s assets will cover certain expenses, such as burial costs, notary fees or taxes. It is important to have someone on hand who fully understands how the system is supposed to work. Otherwise, creditors may try to come after beneficiaries to settle outstanding debts not included in the normal expenses drawn from an estate during probate.

If you ask certain questions ahead of time, you may be able to avoid unnecessary costs during probate. You will want to know the size of your loved one’s estate, how complex his or her estate plan is and whether there are any existing legal actions against the estate.

Executors must be able to show that they have not mismanaged an estate

Devising an organized budget plan at the start and sticking to it can help you avoid unnecessary probate costs and can also ensure that no one will accuse you of mismanaging your loved one’s estate, which can spark legal disputes that wind up costing more money to resolve.

While you may want to try to handle as much on your own as you can, this is not always the most frugal path to take. In fact, it can increase costs in the long run, whereas working alongside someone who understands probate law and has experience in estate administration often helps keep costs as low as possible.