We all want to live a little something behind for the people we care about when we die. Sadly, a huge chunk of what you’ve worked hard for can end up going to the government by way of probate fees when distributing your estate.
Basically, probate is the process of obtaining the court’s approval to distribute your assets according to your wishes or Nevada intestacy laws. However, besides consuming time, probate can also be very costly. And the more complex your estate is, the more costly the probate process will be. Here’s how you can reduce those fees:
1. Understand the cost of probate
To figure out how to minimize the cost of probate, it helps to start by understanding what amounts to probate costs. Here are examples of the fees that will be incurred when executing your estate plan:
- Court fees: These include filing fees, court costs and publishing public notices
- Bonds: These include administrator, executor and trustee bonds
- Professional services fees: You may need to pay appraisers, accountants and attorney fees
- Taxes: These can vary considerably according to the value of your estate
Once you understand the costs, you can better work to minimize them.
2. Leave clear instructions
The longer the probate process takes, the more your estate will pay. Leaving clear instructions can go a long way in minimizing conflicts that can shoot up the cost of probate. Making sure your will is professionally prepared can help.
3. Use a Transfer on Death Deed
By setting up a Transfer on Death Deed, you can convey your real estate to your chosen heir without putting that part of your estate through probate.
Navigating how to minimize or eliminate probate fees altogether might seem daunting. However, knowing your legal options can help you choose the right path while planning how to protect your assets and loved ones.