If you’re just using a will for your estate plan or you don’t have a will, your estate goes through probate court. This is a long, drawn out process that is very costly to your estate and your loved ones. Unfortunately there isn’t a set fee. Instead, it will depend on the extent of your estate and all of the professional services you need to add on to take care of the process. In most cases, your estate will take a heavy hit.
- Court Fees – There are mandatory court fees associated with probate court which can range from just a few hundred to a few thousand dollars.
- Representative Fees – Your personal representative gets paid a reasonable fee for his time administering your estate. This fee can be a percentage of what assets are being distributed or additional fees for extra work involved.
- Attorney’s Fees – There are always attorney’s fees associated with probate court. Whether it’s just for paperwork or you have an attorney representing your estate, you can expect to pay for their time.
- Accounting – You’ll need an accounting to evaluate your estate and appraise assets – this will cost your estate money.
Rather than let your estate take a heavy hit with probate costs, consider planning for them in your will. That way your loved ones don’t lose a portion of their inheritance to probate court. If you would rather skip probate altogether, set up a trust with your estate planning professional. With the right type of trust you can avoid the headaches and hassles associated with probate court and save your family some time between your death and receiving their inheritance.
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