Practice Areas

• Medicaid
• Living Trusts
• Estate Administration and Probate
• Asset Protection
• Veterans Benefits

Blog

Estate Administration and Probate

• Why Was Probate Created?
• Before you add your child's name to your bank accounts, ask yourself this question: Do you know how much credit card debt your child has? Are you really familar with your child's credit scores?
• Finding Tips On Estate Planning at the Theatre
• Update on the Status of Federal Estate Tax
• Michael Jackson Estate Makes Land Mark Estate Deal With Sony

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News

• What Next For the Estate Tax?...
  Posted on 8/5/2010
• The Growing Rate of Dementia and Alzheimer's...
  Posted on 3/9/2010
• Let it snow! Pittsburgh Extends Property Tax Deadline...
  Posted on 2/9/2010
• Estate Tax, Medicaid, Social Security Changes Ring In New Year...
  Posted on 1/13/2010
• Main beneficiary to Michael Jackson’s estate shakes up her probate team...
  Posted on 10/22/2009

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Library

Estate Administration and Probate

• What Determines the Necessity For Probate?
• What happens in Estate matters when an individual becomes incompetent?
• When Pennsylvania Estate Recovery Can Take Place By Law
• Joint Bank Accounts - Risks and Benefits
• Guidelines for Gifts and Joint Accounts

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What is so bad about probate?

 

A:

1. Probate is a court proceeding. Nobody (except attorneys who do so for a fee) likes going to court.
2. It takes time. When we have to probate an estate, we usually tell clients to expect the process to take about a year.
3. You have no privacy. All the details of your will, your beneficiaries, your assets and expenses are public record for anyone, even a nebby neighbor, to do what they want.
4. It is expensive. In Pennsylvania, attorneys can charge a “reasonable fee” to go through probate. On a typical estate this “reasonable fee” is usually 3 to 7% of your gross (not net) estate.
   

AAPR did a study about probate and called it a “cash cow” for attorneys. The old attorney joke is how do you make a lot of money as an estate planning attorney? You write a lot of wills and outlive your clients. You cover you costs by writing wills. You make a lot of money when you probate an estate. For example, a reasonable fee in Pennsylvania on a $200,000 estate is $9,750. Why make an attorney $9,750 “beneficiary” of your estate?

Keep in mind that if Grandma had a condominium in Florida as well as her house in Pennsylvania, not only would she have an attorney and probate in Pennsylvania, she would have a second probate, a second set of attorneys and a second set of attorney fees in Florida. Two probates are not better than one. Two sets of attorney’s fees are not better than one.

Special Report

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questions

Estate Administration and Probate

• When Can Estate Recovery Take Place By Law?
• Do witnesses have to actually witness the signing?
• What is a reasonable attorney fee for probating an Estate?

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