What does probate cost?
In California, the probate code specifies the fee that is payable to the probate lawyer and to the executor or administrator of the estate. The fee is a declining percentage of the estate, based on the value of the estate, not considering any debts. We can help you with a quick calculation of how much probate might cost you.
A. The biggest component of the cost of probate is the fees payable to the personal representative of the estate (i.e., the executor or administrator) and that representative’s attorney. In California, the personal representative and the representative’s attorney are each entitled to a statutory fee based on the value of the estate.
Under Florida law, the minimum recommended probate fee (the fee paid to the attorney who represents the decedent’s estate) is 3%, but most attorneys charge 5% or more. When probate is viewed as a percentage, it doesn’t look too awful – only 5% to the attorney, typically 3% to the Personal Representative of the estate, and a whopping 92% for the beneficiaries. However, to get a better understanding of what probate will cost your estate, I prefer to break the percentages down into dollars. If your probate assets (i.e., all real estate, stocks, bonds, other securities, checking, savings, money markets, and CDs) are valued at $500,000, then the probate fee to the attorney is $25,000. The fee to the Personal Representative is another $15,000, and the beneficiaries will receive $460,000 once the yearlong probate process has been completed.
