A will is the most effective way to make sure your assets will be handed over to the right people after death. Administering your assets to your beneficiaries will be done through the probate process, which is carried out in a court depending on the laws in your state.
Find out what a lawyer will charge to draft up a will and what happens during the probate administration process after death:
What Will a Lawyer Charge to Draft Up a Will?
A will can be a simple document that clearly appoints an individual as the beneficiary over assets, or it can involve multiple people and be complex. When you hire a lawyer to draft up your will, he or she will charge you based on the complexity of the will. You can be charged a flat fee for drafting up the documents, or you may be charged an hourly rate that can average up to $300 in some cases.
Paying a lawyer to draft up a will is worth it in the long run because you will have a legal document that must be legally carried out after you are deceased. Without a will in place, anyone can say that they deserve the rights to the assets you leave behind. A fight over assets can cause a drawn out court battle to take place, but a will can be legally administered to your beneficiaries in probate court.
What Will Happen During Probate Administration After Death?
When you get a will drafted up, you will also have to choose someone to execute it when necessary. The person responsible for executing the will has to make sure your assets are administered through court to make it legal. During probate administration, a judge will oversee the case by examining the will.
Your executor will make sure everything is administered as you desire, and he or she can also represent for you in court if someone happens to contest the will. You can expect probate administration to cost an average of 2-7% of what your assets are worth. The money will go towards the executor, lawyer and other expenses concerning the process.
Make sure that your beneficiaries are legally set after you have passed away without worrying about people you don't know well trying to gain access to your assets. Hire a lawyer to draft up a will so your loved ones will have a legal document that can be used for probate administration. To learn more, contact a firm like Davis and Mathis with any questions you have.