Without an estate plan or a fully funded revocable living trust, your loved ones will have to probate either all or a portion of your property. The cost of the probate will depend on several factors, including the value and the type of property that is to be probated. As a general rule of thumb, however, the more the property is worth, the greater the cost of the probate.
To better understand the cost of probate, we broke down the fees and expenses involved in probating an estate:
- Attorney fees: Attorney fees are calculated and dictated by the state. In addition to the standard fees, however, an attorney can ask for extraordinary fees if he or she goes beyond the services that are considered ordinary services for the probate process.
- Court fees: Court fees can range from a few hundred dollars to more than a thousand dollars, depending on your circumstances. State law will dictate the total amount of your court fees.
- Personal representative fees: Also dictated by state law, personal representative fees are typically equal to the value of a specific percentage of the property that is being probated. It is also possible for a personal representative to ask for extraordinary fees if his or her services exceeded what is usually required.
- Accounting fees: The value of one’s accounting fees will also depend on the type and value of the estate and assets owned.
- Appraisal fees: Appraisals are necessary to determine the value of real estate and personal property. Depending on how much needs to be appraised or if a business is involved, the fees for an appraisal can range from a few hundred dollars up to a few thousand dollars.
- Bond fees: If there is no Last Will and Testament, bond fees will be necessary. Its amount will be determined by a probate judge. In some cases, a judge might still require bond fees even if the Last Will and Testament waived the posting of a bond.
- Other fees: Other fees that are not necessarily always part of the probate process might arise, including expenses incurred for storing or insuring property or shipping personal property.
Consult with a Probate Attorney Today
At Finley Williams Law, PA, we will help guide you through the probate process and minimize the costs as much as possible. No probate case is too complex for our experienced team to handle.
Contact our law office at (727) 280-6837 to schedule a consultation with a member of our team today.