When a business has to go through probate, chances are high that there will be high costs incurred. This is common, but can be avoided with prior planning and knowing the probate process well.
An executor or administrator to the business should be conversant with the whole probate process, and if not, they should seek the support of a probate attorney. A reliable “probate attorney near me 11510” know show to go about the probate process and will advise on an efficient way to do it.
Some costs that one encounters when handling probate include:
- Court fees: There are court fees that one has to pay when going through the probate process. These vary from state to state, but it is always a certain percentage of the overall assets. These fees are used to pay different people being assigned to the probate process.
- Attorney fees: These are fees that an attorney gets paid to help with the process. They also charge differently and one needs to know which one to go with, someone who is affordable.
- Executor fees: Sometimes an executor would not be family and will ask to be paid. Some are affordable while some can be quite expensive. It is upon the family to know the right person to choose as an executor.
- Asset valuation fees: If the assets have not been valued, the beneficiaries will need to get a valuation done. They have to use professionals, who charge a fee for the services. This mostly depends on the assets, if they are many; it takes time and is more expensive.
- Other expenses: There are some other miscellaneous expenses that come up during the whole process. Can be as small as transport costs, or paying a court clerk for a service offered.
The above costs vary from place to place and if one is conversant with the probate process, they can be able to reduce them. Here are a few ways to go about it: