How to Execute a Will Without Breaking the Bank

Probate is not necessarily cheap. In Arizona, the cost of probate can vary depending on the estate, but hiring an estate lawyer can already cost anywhere from $2,000 to about $5,000. Simply applying for probate in Arizona already costs $164.

And the larger and more complex the estate, the higher the costs will inevitably be.

However, there are several strategies you can use to keep fees down, minimize the size of the estate, and ensure the estate settlement process runs smoothly. In this article, we'll look at ways you can execute a will without breaking the bank.

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When is Probate Required in Arizona?

Under Arizona law, probate is usually required when the estate of the deceased amounts to more than $100,000 in real estate or more than $75,000 in personal possessions (including money and personal possessions). However, there are some exceptions to the rule. These include:

Typical Probate Costs in Arizona

The majority of probate fees in Arizona, including the costs of hiring a probate attorney, will typically be paid for out of the estate.

The factors that might influence the final costs can include:

• The size and complexity of the estate
• Local filing fees
• Fees for professionals such as lawyers or accountants, if you choose to use them

Attorneys usually charge for their services by the hour. They will either ask for a flat fee for a specific service or require a deposit retainer upfront. If the attorney is dealing with a complex estate, these costs can start to escalate. As an estate executor, this can put a lot of stress on you, especially if other family members or prospective beneficiaries are pressuring you to keep costs down.

Planning Ahead to Avoid High Probate Costs

The best way to avoid high probate costs is to plan ahead. Estate planning will ensure the estate is organized and all necessary legal documentation is in place before the estate holder passes away. Creating a personalized estate plan will allow the testator—the creator of the will and the holder of the estate—to name beneficiaries for their assets, including property, cars, bank accounts, etc. A solid estate plan will also consider making use of living inheritances, thereby reducing the size of the estate.

It's not pleasant to think about death, but one of the best gifts a testator can give their loved ones is a smooth probate process. When the estate is in order with all assets organized and beneficiaries names, it saves beneficiaries the stress of untangling a mess and possibly falling out with one another.

How to Reduce Probate Costs

Many estate executors don't know that they are not obligated to engage the services of an attorney to go through probate. Instead, they can turn to a managed estate settlement service that offers the same outcomes, at a much more affordable rate. With ClearEstate, you'll have access to a dedicated estate professional who will help you manage the estate settlement process. From submission of probate to court and automated form filling to document notarization and continued support after probate, an estate management service managed the entire process end to end. Curious to learn more? Get in touch with us to learn more.