Estate planning can often be simple. It can often mean that the courts will not have much involvement and the costs to an average,middle-class person will be low.
One of the easiest ways to have lower court costs and fees is to have a small estate for purpose of administration. Of course, larger estates mean more money, but they often result in higher court costs for probate.
As I discussed in my prior blog post, the personal representative of an estate is usually faced with the task of determining whether a formal probate is necessary. In many states, if a person’s probate assets are under a certain amount (for example: $50,000), then the estate can often be administered by the personal representative with minimal court involvement.
If the Minnesota estate planning lawyer and the personal representative are able to determine that a small estate can be opened, the necessary court documents will need to be filed with the court showing that a small estate has been opened. After that, the transfer of estate assets can often be done by affidavit of the personal representative or executor. Simply put: the personal representative can say in an affidavit that the estate debts or assets were liquidated, paid out, or transfered to one bank or another – depending on the needs of the estate.
The small estate process is often simpler and more efficient. Be sure to speak with your attorney about your estate and the process necessary to conduct proper estate planning. Estate planning can ensure that the costs to you and your family are much lower and can save the time and expense which may be created without proper estate planning.
Please visit flanderslawfirm.com for more information on estate planning and small estates.
