How Women Can Save on Probate

It’s a horrible thought for anyone with a significant other – that someday you may be forced to travel alone again. However with life expectancy statistics today, it’s become almost a given that the wife will outlive her husband. And many have found that travel is one of the best ways to heal.

Though you can’t just take off and begin your process of healing and grief before you deal with the will and estate; a harsh reality which we don’t ever think about. So if women know that the odds are pretty stacked in their favor that they will be outliving their husbands, why are we never ready to deal with the paperwork and red tape?

Even though it’s not something anyone wants to prepare for, it’s important to be ready to deal with wills and estates. To not let the paperwork process which comes with this tragic situation drag on for longer than it should.

*These tips are specific to the USA, however the general principles and message can be taken to apply more broadly.

Texan Probate

Even if the Texan wife has the best probate attorney in El Paso to handle the details, she seems to always be unprepared for being the one left standing.

Well one thing all women should know is how to make sure you aren’t paying more than you need to when it comes time for probate. Because you can bet that there will be plenty of hands held out for payment when that time comes. But that doesn’t mean you need to cross all their hands with silver.

Here are a few tips to help all women out when it is time to deal with the husband’s will and probate.

The Cost of an Executor

Don’t leave the executor up to just anyone; make sure it is someone you trust. Most importantly make sure it is someone who doesn’t want a chunk of the estate for acting as executor for you. There are professionals out there who can charge a small fortune, or at least a good size piece of your fortune for the privilege of taking you to the cleaners as part of their duties as the executor of the will.

Look around your close circle of friends. Pick someone who knows enough to stay on top of things but not so much that it will feel like a professional intrusion to ask them to act as the executor.

No lawyers, in other words. But outside of that, save on the cost of the executor and try to make sure they don’t need to post a bond as well. That little detail may sneak up on you but it can often be avoided with the right choice of executor.

Paying Uncle Sam

You know that old saying, nothing is certain but death and taxes? Well in this case just combine the two because Uncle Sam is going to want a bite out of that estate in the form of estate tax.

The estate may be small enough that you don’t need to draw up a return. But more than likely you will need to and this can cost. The smart move is to talk to your accountant beforehand and let them know that you will be counting on them as “part of the family” to help out with this. They will charge you, but it won’t be as much. This is because they will already be familiar with your file and know the down and dirty details.

In the end you will also need to pay some attorney fees and that really can’t be helped. In pretty much every state you are required to use a probate attorney and that is going to cost. Just remember that every fee is negotiable and that does include probate lawyers.