How much does probate cost?
Cost depends on the size and complexity of the estate and on the practices of attorneys in a particular area. Some lawyers charge by the hour and some charge a percentage of the estate. Before hiring a lawyer to help administer the estate, prospective clients should ask him or her what it will cost. There’s nothing wrong with shopping around to get the best value. Also, it is not necessary to stick with the attorney who drew up the will, although there may be some advantage to having a lawyer who knew the deceased and is already familiar with his or her estate.
If you don’t have an estate plan or have failed to completely fund your Revocable Living Trust, then your loves ones will be faced with probating some or all of your assets. The overall cost of probate will vary depending on the type and value of the property that’s being probated. In general, the greater the value of the probate property, the more probate will cost. The various fees and costs associated with probate are as follows:Court FeesThese fees are dictated by state law and can range anywhere from a few hundred dollars to over a thousand dollars.Personal Representative FeesThese fees are also dictated by state law. Some states simply provide for what is referred to as a “reasonable fee,” while others deem a reasonable fee to be one that’s equal to the value of a certain percentage of the property being probated. Even then, the Personal Representative can ask for “extraordinary fees” for services rendered above and beyond services that are deemed to be basic probate services.Att
The expenses of probate (which can include court and appraiser fees) depend on the state where you live and the size of your estate. According to the American Association of Retired Persons (AARP), the typical cost of probate runs $2,000. But this is a very rough estimate. If there are complications-for example, an invalid Will or a Will contest-all bets are off. Good estate planning can minimize expenses by passing most of your property through a living trust or by joint tenancy or some other means that avoids probate, so that very little property is left to be distributed through your Will. The smaller the size of the probate estate, the lower the costs, especially if it is small enough to qualify for expedited processing.
