Probate can be both time consuming and expensive. The national average cost for probate is 6% to 10% of the fair market value of the estate. This means that an estate worth $150,000 could cost between $9,000 and $15,000 for probate. Depending on the size and complexity of the estate, probate could take up to two years for a large and complicated estate and six to nine months for a small, simple estate. (In Wisconsin, state law requires that an estate be closed within 18 months, unless a petition for extension is granted.)
We’ll work with you to set up a will and evaluate your estate’s trust requirements. We’ll help you understand the difference between a revocable trust and an irrevocable trust, and we’ll assist you in establishing beneficiary agreements.
Every adult should have the four following documents:
- Will – Provides the distribution of your assets upon your death in the manner that you choose
- Durable power of attorney – This gives one or more persons the ability to act on your behalf
- Advance directive – Lets the physician know whose direction is to be followed in the event there is disagreement about what kind of medical treatment you would want
- Letter of instruction – Provides your personal representative or family member with information he/she will need concerning your personal and financial matters
Set up an appointment today to begin the estate planning process, or bring in your current documents for review. Every estate plan should be reviewed regularly due to changes in both the law and family situation.