Want to know how to lower probate attorney fees?
If you’re preparing to to complete your estate planning and you want to know how to lower probate attorney fees for your family, do the opposite of Prince. The pop icon recently passed away, and his estate has been in the news nearly as much as his musical legacy. Here are a handful of practical legal pointers that will help you avoid the probate pitfalls approaching the Prince’s estate.
Start with a Last Will and Testament
Prince didn’t even have the most basic estate planning document, a will.
Why was it a mistake for Prince to not have a will? Because Prince does not get to decide how his property is to be distributed among his family and/or friends. His state law will now dictate the disposition of close to everything Prince owned – his home, his cars, his money, etc. Prince’s wishes for how his property is to be divided were never written down and they are now no longer relevant.
As it relates to Texas Law, you’ll sometimes hear Texas Probate Attorneys say, “If you die without a will in Texas, the state has a will for you.” That’s because the state’s laws will say who gets all of your estate if you die without a will in Texas.
Plan carefully to prevent estate disputes
By not planning ahead carefully, Prince set the stage for a family estate legal battle. A will or trust could have prevented thousands of dollars in attorney fees to the inheritance dispute lawyers. Because Prince didn’t have even the basic documents, a protracted dispute among relatives is now very likely to determine who will control his estate. Prince had siblings and half-siblings. Expect to see news stories of dueling family members seeking to gain control of the estate.
Plan carefully to avoid estate tax
Prince’s estate will be subject to heavy federal taxes. Some sort of tax planning would have saved his family potentially millions of dollars in taxes. Maybe you don’t have so much money that you will be subject to estate taxes, but that does not mean you wouldn’t potentially consider a trust.
There are several reasons why people need or want a trust other than tax avoidance. You should discuss your planning needs with us and explore your options. Trusts are not only for the very rich.
Plan so that you don’t hurt family relationships
Prince’s estate is a windfall to anyone that will ultimately inherit part of it. Now, because disputes are already brewing, a lot of the money will be spent in litigation. Proper estate planning can prevent potentially large legal expenses. Also, and importantly, careful estate planning can prevent fractured family relations.
For the sake of saving a little cost by not getting a will or trust, Prince’s estate will now spend tens of thousands (or more) in legal fees and court costs because the likelihood of a quick and amicable resolution is slim. You can have lower probate attorney fees and a happier family by making your wishes clear through a well-thought-out will or trust.
To ask a legal question or get legal help from Texas wills and Texas trust and wills lawyer Isaac Shutt, use the online contact form to the right or call (214) 302-8197. If you prefer to meet at the office in person in Richardson, Texas – the attorney will gladly offer a free consultation.
Visit www.ShuttLawFirm.com for more information on how to lower probate attorney fees in Texas, contesting a will in Texas, Collin County Probate or Dallas County Probate, contact Richardson, TX Wills Attorney Isaac Shutt at email@example.com.
Shutt Law Firm’s office is conveniently located just north of Dallas, TX and just South of Plano, Texas. The law office is near the intersection of highway 75 and Campbell Road in Richardson, TX.
You can also call Shutt Law Firm, PLLC, at (214) 302-8197 for more information on the topic discussed in this article or to discuss a different legal matter. For both new and existing clients, quick phone-calls and brief e-mails are always free at Shutt Law Firm PLLC.
Please consider the Shutt Law Firm if you want to know how to lower Texas probate attorney fees, more about Texas estate disputes, Texas probate, a Texas Last Will and Testament, or if you need Collin County Estate Attorneys serving Richardson, Plano, Allen, McKinney, Garland, Addison, Rockwall, TX, Collin County, Dallas County, or surrounding North Texas area.
DISCLAIMER: Nothing in this brief article constitutes legal advice. The information provided herein is merely provided in the spirit of education. If you have a legal question, you should consult an attorney for your specific legal situation. Further, nothing in this article shall be construed to have started an attorney-client relationship. No such relationship exists until both you and attorney Isaac Shutt sign an engagement letter with the Shutt Law Firm, PLLC.