What assets must be probated?
Generally, any assets that you own in your own sole name must be probated. What assets don’t have to be probated? Many assets don’t need to go through probate. These include: Assets in a Living Trust Joint tenancy assets Bank trust accounts Assets with a designated beneficiary, such as life insurance, annuities, IRAs and retirement plan benefits Assets passing to a surviving spouse If your assets which would be subject to probate are less than $100,000, we don’t have to go through the formal probate procedures; we can use a simple form to transfer the ownership. How much does probate cost? The cost depends mainly on whom you name as Executor, which lawyer the Executor hires, and how large your estate is. There are fees payable to the probate court (these can run from several hundred dollars to several thousand dollars) and to a court appointed appraiser (who charges 1/10 of 1% of the value of the assets appraised). The main costs of probate are the fees which are payable to your Execut
