Probate is the process by which your estate is accounted for, all debts and taxes are paid, and whatever is left over goes to the rightful heirs. At this point, your will is officially registered and the executor of your estate is given the legal right to dispose of your assets.
Many executors choose to get assistance from an attorney to handle the financial affairs (although doing so isn’t required). Depending on the size of the estate, an attorney may charge $2,000 to $3,000 to handle probate. You may want to increase your life insurance death benefit by that amount to take care of the probate expenses. Dealing with estates and probate can sometimes get fairly complicated. Speak to an attorney before handling them yourself.
Many executors choose to get assistance from an attorney to handle the financial affairs (although doing so isn’t required). Depending on the size of the estate, an attorney may charge $2,000 to $3,000 to handle probate. You may want to increase your life insurance death benefit by that amount to take care of the probate expenses. Dealing with estates and probate can sometimes get fairly complicated. Speak to an attorney before handling them yourself.
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