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What is Probate and How to Avoid It

Understanding probate and why you might want to avoid it

Q:

What is a probate proceeding and why is it necessary?

A:

COMING SOON

Q:

How can probate be avoided?

A:

COMING SOON

Q:

Why should I have a will if my estate plan avoids probate?

A:

COMING SOON

Q:

Do executors / administrators get paid for their service?

A:

[UNDER CONSTRUCTION]

Yes. All states allow a fiduciary to be paid for their service. ("Fiduciary" is the broad term for an executor or administrator, and also a trustee or guardian.) New York is quite unique in providing for a specific formula to calculate the commission.

[DESCRIBE FORMULA]

The result of all this is that the first $1M of value in the estate will typically generate a commission of about $32K; the second million will typically generate a commission of $19K. The amounts taper thereafter until reaching a steady amount of $---- for every million over $5M.