If you have worked hard your entire life and acquired a fortune, you want to pass down as much of it as possible to the people and causes you care about when you die. This is where estate planning comes in. With a valid will, you can articulate your wishes on how you want your estate to be distributed when you die.
Probate is the court-supervised process of winding up and distributing the decedent’s estate according to their will (if they had one) or Mississippi intestate laws if they died without a will. But the probate process costs time and time. Fortunately, you can take a couple of steps to reduce the cost of probating your Mississippi estate. Here are some of these steps:
Devaluing your estate
Probate costs are generally determined by the size of the estate in question. Thus, one of the most straightforward steps you can take to reduce the cost of your estate’s probate is to size down your estate. For instance, you can avoid probate altogether in Mississippi if you reduce your estate’s value to under $75,000 after taking care of liens and encumbrances. Here is how you can reduce the size of your estate:
- By giving away your assets
- By reducing your net worth through a joint ownership with the right of survivorship arrangement
- By letting go of out-of-state assets
Leaving clear instructions
The shorter your estate’s probate takes, the less money it will cost. And you can shorten the process of authenticating your will and distributing your assets by leaving clear instructions in your will.
Probate does not have to cost an arm and a leg. Find out how you can reduce the cost of probating your Mississippi estate and ensure that your legacy and loved ones’ futures are safeguarded.
