Wealth Management Blog | WrapManager | Michael J. O'Connor (9)

Michael J. O'Connor

CWS®, Vice President Investments

3 Estate Planning Tips to Help Your Family Avoid Probate Fees

Posted by Michael J. O'Connor | CWS®, Vice President Investments

May 7, 2014

Probate comes from the Latin phrase “to prove,” and refers to the process of proving to a court that a last will and testament is valid. It is frequently a difficult and lengthy process, and in many cases can be quite expensive.

Below, we’ll outline three steps you can take to help your family avoid probate. Settling an estate is a difficult time as it is, so it’s worth it to take the right steps taking today to ensure it goes smoothly.

Probate Fees Can Add Up Quickly

The fees vary from state to state, but just to give you an idea, the typical probate costs on a $500,000 estate in California could range between $14,390 and $27,390. On the higher end, this could mean losing over 5% of your estate to probate fees, not to mention all the time attorneys and family members will have to spend seeing it through.¹

Avoid Probate with These 3 Steps

In many cases you will likely need to apply some combination of the below approaches, so it is important to speak with your financial advisor and an estate attorney to know which options are right for you.

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