Clients are always looking to avoid the Louisiana probate process because it is often comes with a hefty price tag. When someone dies with assets titled in his or her name, the family must hire an attorney to prepare and file a complicated set of legal pleadings with the court in order to clear title to those assets into the names of the heirs. This court process is called probate or succession. The cost for probates in Louisiana is usually at a minimum about $5,000 because of the amount of legal work and court filing fees involved.
Here in Louisiana, there is no standard for attorneys’ probate fees, and often times the cost can greatly exceed the $5,000 minimum mentioned above. As is typically the case, when attorneys charge by a percentage of the total estate value, the price can easily creep up beyond $10,000.
Let’s assume you have a loved one with an estate valued at $500,000, and the attorney charges 2.5% of the total estate as the probate fee, which is not unreasonable to expect. That means the family will pay $12,500 for the Louisiana probate. For married couples, the family is required to go through two probates, one after each spouse dies. This just doubles the costs involved. Other factors that can jack up the cost come from any complications that may arise, if the family starts contesting the probate or if there are unknown assets that come to light through the probate process; these complicating factors can jack up the probate costs even higher.
However, there is good news! The entire probate process and all the costs, delays, and stresses that come with it can be avoided with proper Estate Planning. To avoid Louisiana Probate and simplify the Estate Settlement process, more and more families in Southeast Louisiana are opting for Revocable Living Trusts so that their family is not stuck with a huge attorney bill and lengthy court process after their death. To discuss how your family can avoid the high cost of Louisiana Successions, call (504) 274-1980 in the Metairie and New Orleans Area or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma, Thibodaux, and surrounding areas.