Stautz Law

Tag: Probate Cost

  • Fixing Bad Wills

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    Good morning, folks. It’s attorney Andy Stautz at Stautz Law. I do Indiana probate and estate planning, and today we’re talking about fixing DIY wills or bad wills.  

    So our last video, which I just did, you know, 10 minutes ago, I was talking about how DIY wills go bad. You know, I said, Look, I’ve been seeing a bunch of probate estates where the family says, you know, here I’ve got this will and it’s a disaster, right? Like it’s not signed properly, it’s invalid, whatever.  

    Can you fix it?  

    Ounce of Prevention Worth a Pound of Cure

    So, start with the start. The best way to fix a DIY will or a bad will is to, while the person is alive, go get a new one written, by a professional, right? It’s way easier to fix problems before you die.  

    But let’s assume it’s too late, okay? The person passed, all that’s left is this handwritten will or bad will, you know, improperly executed will.  

    What can we do?

    Possible Solution #1: Family Settlement Agreement

    The easiest fix is a is a family settlement agreement, which is kind of a nickname for a statutory procedure in the probate code. So that’s Title 29, and then Section 9, I think. I’ll cite it in the transcript. [Statute is here: Indiana Code 29-1-9]

    And basically it says, You’re allowed to come to an agreement to compromise a controversy about the effect of a will. So you can use a settlement agreement that’s to say, we, the family members, we, the heirs, agree to treat this will as valid.

    Now, the problem with that is, or, you know, that’s great if you can do it, but it requires the consent of everybody involved. So everybody who would get something under no will and everyone who would get something under the new will, right? So if you’ve got a will leaving everything to Jerry, but the intestate heir is Sam, then, you know, Jerry can’t say, I agree to treat the will as valid, right? Sam and Jerry have to agree. Everybody’s got to agree. And that requires finding everybody, you know, making sure they’re okay with it.  

    So sometimes it’s possible, but sometimes it’s just not.  

    Possible Solution #2: Supervised Administration

    Another fix, if you can’t find everybody or everybody doesn’t agree, is to go for a supervised administration and then get a court order directing, you know, directing administration. So you can petition the court for a determination [These are in I.C. 29-1-6-5 and I.C. 29-1-6-6, for example] and say, you know, are we following this? Is this valid? You know, what should we do? It might not come out like you want, but that way at least you’ve got, you know, nobody gets in trouble for relying on a court order, right? Like it’s a great way to solve that.  

    Possible Solution #3: Disclaimers and Assignments

    And then finally, you know, you can do something similar to a family settlement agreement through disclaimers or assignments of interest, which are a little bit, are subtly different from each other, but both have the effect of someone giving up, right, their rights, either to an intestate share or under a will.  

    So sometimes you can use those to kind of either fix the will or achieve the same effect as the will intended, putative will intended. So, you know, if Oh, let’s say the intestate heirs are Sam and Jerry again, and the will leaves everything to Jerry. The invalid will leaves everything to Jerry. Well, if Sam says, you know, I give up my share, then Jerry gets everything. You know, that’s basically the same effect as the will by a roundabout way. But in all of these cases, right, we’re doing problem solving after the fact. We’re trying to make up in probate for what we could have done with, with proper planning ahead of time.  

    Recommendation: Do it Right and Avoid Problems

    Now I do both estate planning ahead of time, making the wills and probate after the fact. So for me personally, as a lawyer for my business, it doesn’t matter what you do, but I’m here to tell you doing the will right up front, you know, saves a lot of time and trouble. I don’t mind solving the problems later and it’s kind of fun. But it takes more work. It’s more expense to you and the other heirs.  

    So those are some ideas. There’s no legal advice here. That’s just kind of talking about what I’ve seen. If you need help with a problem, a probate problem, or fixing a will, call me. My contact information is on the end screen and you’re on my website. So take a look around and I look forward to working with you. Thanks. Bye.

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  • Saving Money with Revocable Trusts

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    Hi, it’s Andy Stautz at Stautz Law. Today we’re back talking about estate planning. And my topic for today is why estate planning is worth it. In other words, how you can save lots of money with a revocable trust.  

    Is Getting a Trust Done Worth It?

    Now. You know. I think I provide overwhelming value to my clients. I think doing an estate plan is always worth it. UM. Because. The comparison between the upfront cost of doing an estate plan. And the back end savings is huge. And every time.  

    So today we’re just doing a simple example. I’m not going to go into the whole thing. I’m just going to point out that, you know, a will based plan is kind of the the cheapest, most basic option. A step up from that and what I recommend for lots of my clients is a revocable trust based plan.  

    Now. Writing a trust is more difficult. It’s more expensive, and there’s a little bit more administrative complexity. But it saves money in the long run. And the math is really simple.  

    How a Revocable Trust Saves on Probate Costs

    You know, setting up the trust costs a little over $3000. But a trust avoids probate, which a will based plan does not – and which “no planning at all” does not.  

    Estimating Indiana Probate Costs without a Trust

    Well, guess what? Probate administration in Indiana right now pretty much starts at $3000. That’s for a simple, you know, unsupervised, uncontested estate. That’s just how long it takes to get through the court process. 

    And that’s a minimum. So it goes up from there. So if someone comes out of the woodwork and challenges the will; if you’ve got a bunch of creditors that you didn’t know about; You know if, uh, you need it supervised for some reason… You know, all the complexities add up.  

    So. The fees I charge for my trust-based planning are…. intended to demonstrate overwhelming value. It’s going to save you the minimum financial cost of going through probate, not to mention the risk of more expense, the risk of conflict. And you know, the emotional strain of having to deal with lawyers and court while you’re grieving.  

    Is an Indiana Estate Plan Worth the Cost? How to Decide

    I think the comparison’s a no brainer. You know, if you can afford it, paying to have it done upfront is definitely going to save you money. It’s also going to make your life easier. So that’s why your financial planner. You know, advises you to get an estate plan. That’s why I try to get my clients to, like, come on, sit down and do your estate plan. Because it’s just … it’s the responsible thing to do. It’s good for you.  

    And that’s why I love my job because. I really get to help clients out. I get to deliver a product that is, you know, that is great. It’s a great deal. So that’s my point for today. I’m sure we’ll talk about it in the future.  

    You can look around on the website, you can book an appointment online or you can give me a call if you want to talk. And we’ll see what plan is right for you. Thanks and bye.

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    Book your initial planning meeting with Stautz Law and we’ll discuss your individual needs. No obligation.

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