After a loved one has passed away, you may go through the grieving process for weeks, months, or years. It may be difficult for you to consider working through their estate, especially if they named you as the executor of their estate. However, it is important to understand that you do not need to do this alone. It can be extremely beneficial to work with an estate planning lawyer during this time because they can ensure you are making the best decisions regarding the estate and they can give you the opportunity to go through the grieving process instead of feeling obligated to throw yourself into working on your loved one’s estate.
Does the estate have to go through probate?
There will be times when an estate does not have to go through probate. However, in Iowa, there are a few exceptions for when an estate does not need to go through probate. Such examples are:
- Your loved one named a beneficiary for the assets
- The estate totals less than $25,000 in value
I am in the process of making my own estate plan. What can I do to avoid the probate process?
When you are hoping that your loved ones will not need to deal with the probate process after you pass away, one of the best things you can do is work with a lawyer, like a probate lawyer from a law firm like Law Group of Iowa. They can help you go over every detail of your estate plan to make sure you did not leave anything out and they can give you information on how to avoid probate. One way is to create a revocable living trust. This trust can contain all of your assets and can name someone else as a beneficiary and avoid the probate process.
Can an executor get paid for their work on the estate?
Absolutely. If you would like to pay the named executor of your estate, you can write that in your will. This typically caps out around 2% of the value of the estate. If the estate is especially difficult or complex, the executor could request additional payment.
If you are helping a loved one’s estate go through the probate process or if you are creating your own estate plan and would like to avoid probate, reach out to a lawyer you can trust to help you through this process today.