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Probate costs can be avoided

On Behalf of | Jun 13, 2022 | Probate Litigation |

Estate planning is a positive for the family of a deceased person. Probate costs can add up in different ways. Working with an attorney to handle estate problems can cost time and money, with probate taking up to one year to complete in Greenwich, Connecticut. if a deceased person is survived by their spouse alone, the court will award their property to the surviving spouse. The probate court will make decisions about estate division based on state law and the wishes of the deceased when children are involved. Legal and financial experts have found ways to work around probate costs in Connecticut.

Choose a trust

Avoiding the probate process has led to people using recoverable living trusts. The living trust process places the property in the care of trustees until the owner dies. Living trusts include paperwork naming your heirs as the beneficiaries without the need for probate.

Limit the size of your estate

State legislatures create limits on the size of an estate. The limits can be larger than you imagine, with probate avoided by staying below these limits. Remaining below Connecticut’s probate limits will mean probate is not used for your estate.

Take advantage of tax-free gifts

Tax-free gifts have been used for decades. Probate costs are weighted to the size of the estate, with tax-free gifts a way of limiting your costs. Tax-free gifts were available for up to $15,000 per year for the years 2020 and 2021. Checking the annual limits for tax-free gifts will help you limit probate costs upon death.

Probate is a necessary process for most families. Ensuring your family does not face large taxes and fees is possible with expert assistance.