Page 29 - Ultimate Guide to Estate Planning Third Edition_Neat

still do wills is because it is big business and
not particularly complicated; just expensive
and time consuming. It is likely that more than
seventy percent of the wills that get probated
are probated by the person who drafted the
will. If you were to combine the fees associated
with drafting the simple will and probating the
estate, the attorney gets more legal fees,
normally by a “long shot,” than had the
attorney done a revocable living trust and
avoided probate altogether.

If you have a million-dollar estate, half of it

from your personal wealth and half of it from

life insurance, you can expect to spend

$44,000, at the approximate national average

(estimated by

https://www.thebalance.com/how-much-

does-probate-cost-3505268 to be 3%-8%), to

probate that estate. If you use a revocable living

trust, you completely bypass probate thus

saving the expenses of probate. While there is

still some estate administration costs

associated with a revocable living trust, they

are normally far less than the comparable cost

of probating the estate.

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