What are probate fees?
Once you are deceased and your estate enters probate, your estate will incur costs. Both the executor of your estate (which you name) and the attorney for the executor are entitled to compensation which is set by statute for their ordinary services. The compensation received is based on the size of your probate estate which consists of all property which must pass through probate. The current compensation for both the executor and the attorney for the executor is as follows: 4% of the first 100,000 3% on the next 100,000 2% on the next 800,000 For example, if you die with an estate worth $200,000, both your executor and the attorney for the executor would each receive $7,000, which totals $14,000. Probate fees are avoided when you have a properly funded living trust. Keep in mind, however, that you may still incur attorney’s fees after your death even if you have a living trust because some trusts will require the assistance of an attorney to complete the administration of the trust.
