Showing posts with label Legal Fees. Show all posts
Showing posts with label Legal Fees. Show all posts

Thursday, February 15, 2024

Why You Should Try To Avoid Going to Probate Court

If you’ve had a loved one recently pass away, you’re probably dealing with the process of settling their estate as well as probate court.

Probate court is a system that oversees the management and proper distribution of a person's estate according to their wishes. While this might seem straightforward, it’s common for executors and family members to experience issues with probate.

In fact, it's a complicated process that can take months, sometimes even years, to resolve. Fortunately, by knowing why you should try to avoid going to probate court now, you can set your loved ones up for success in the future.

Here’s what you need to know.

#1: It's Time-Consuming


As mentioned, probate court can be a drawn-out process, as it becomes the court’s responsibility to oversee the distribution of assets, paying off of debts, and resolving of any disputes. 

This can take months, if not years to finalize. But there are ways to reduce your chances of needing this interference. You could establish a trust fund instead. 

You should take advantage of several benefits of trust funds, including bypassing probate court entirely. This is because the assets in the trust are already settled.

#2: It's Expensive


Probate court also comes with fees and expenses that can add up quickly, especially if something happens to prolong the process, such as a family dispute. 



These expenses come from the legal fees, court costs, and other miscellaneous expenses that arise during the probate process. In contrast, setting up a trust only involves the one-time legal fees for drawing up the necessary paperwork.

#3: It's Public


Probate court proceedings are usually open to the public, which means anyone can access your family's personal and financial information. 

This can be a significant invasion of privacy for many families. To avoid this scenario, settle your affairs privately beforehand in the form of a will or trust.

#4: It's Complicated


Another reason why you should try to avoid probate court for your estate is the complex nature of the proceedings. There’s a lot of paperwork involved with probate court proceedings, as well as strict deadlines that executors must meet. 



This can be difficult for family members who may not be savvy with legal jargon or may not have the time and resources necessary to navigate the court system. Detailed wills and trusts leave less room for complications since everything is already organized.

#5: It's Not Personalized


Above all, the court has a set of specific distribution rules, meaning that executors won’t be able to personalize where certain items go on their own. 

As a result, the probate court system can be an impersonal process that doesn't account for the departed loved one’s unique circumstances or wishes. By establishing a trust fund, you have the flexibility to create a customized estate plan that meets your specific needs.

Final Thoughts


The more time and effort you put into your estate plan, the smoother it will be to settle your estate for your loved ones. Probate court is no fun for anyone, and it’s the last thing your family wants to contend with when grieving your passing. 

Speak to a reputable attorney to establish a trust fund and protect your family's future.


Saturday, February 9, 2019

3 Things You Should Know about the Cost of a Lawsuit



There are many factors to consider as you decide whether or not to file a lawsuit against another party. Regardless of the type of case that you are thinking about pursuing in court, you must understand the potential costs of a lawsuit before you finalize your plans. While requesting an estimate for legal fees from your lawyer is a critical step to take, there are a few other things that you need to know about legal fees.

Different Legal Fee Structures


Each law firm or independent lawyer has a different fee structure. Some will only collect a fee if they win your case, and the fee may be a percentage of the award. Others will collect an up-front fee based on their time and energy spent on your case regardless of whether they win or not. 


Some will collect this fee with monthly billing statements as an alternative. There are also various hybrid variations that combine these fee structures together. Because fee structures vary dramatically, you should carefully assess the structures from several experienced attorneys before you make a decision about representation.

Rates Vary Dramatically


Likewise, rates for these various fee structures vary. A higher rate does not always mean that you will receive better service or enjoy a more favorable outcome. Many people worry about having to pay expensive legal fees out of their own pocket, and they may be inclined to find the rock-bottom lowest rate available. 





Understand that lawsuit funding is available. After learning about the lawsuit funding process, you may decide that this is an effective way to pay for legal fees upfront and obtain the services of the most experienced lawyer in your areas. 

Don’t forget to look on legal websites for information that can help you out. For example, if you had questions about settlement loans, you can learn about it here.

Judgments May Not Be Paid Promptly


You may assume that you can pay for legal fees after a judgment has been awarded, and your lawyer may tell you that you have a very solid case with a strong likelihood of having a favorable outcome. However, some people may not pay a judgment in a timely manner. 


An outstanding judgment typically will show up on the individual’s credit report as an outstanding debt, and this may interfere with is or her ability to obtain financing until the debt is paid to you. However, it still may be months or years until you receive a dime from the court case.

Legal fees can seem prohibitive, and you may consider not filing a case because of them. However, with multiple fee structures available and with legal fee funding available, there is no reason not to pursue justice with a lawsuit.



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