Although the costs of probate depends on a number of factors, such as the size of your estate, where you live and whether or not your estate is simple or complex, there are some basic fees required for probate administration.
Here are 5 of them.
- Filing Fees.
Probate administration necessarily involves the probate court. Thus, there are fees associated with filing the necessary paperwork with the court to initiate and complete the probate process. How much your estate will pay in filing fees, can vary depending on the situation. So, for example, if the probate administration involves some type of adversary proceeding or litigation, like a Will contest, the filing costs may increase.
- Probate Attorney Fees.
Except for very small estates or estates where the personal representative is the only beneficiary, Florida law requires that you have an estate and probate lawyer for all probate administration matters. This means that in Florida, with very few exceptions, attorney’s fees will be part of the fees the estate must pay.
How much in attorney’s fees you will pay depends, among other things, on the size of the estate and its complexity.
- Fees for Personal Representative
Except in summary administration cases where a personal representative is not appointed, you can expect in most Florida probate cases to pay reasonable fees to the estate’s personal representative or executor.
Florida’s statutes allow the personal representative to charge a fee based upon a percentage of the estate assets, usually 3% of the inventory value, plus additional fees for “extraordinary services”.
- Appraisal and valuation fees
Depending on the size of the estate, and whether it involves a business, there may be cost associated with obtaining date-of-death values for any real estate, stocks, business interests, and personal property. Appraisal fees for personal property, such as jewelry and the like, can range anywhere from a few hundred to a few thousand dollars. Business valuation fees, on the other hand, can be several thousands of dollars.
- Other costs
No two probate cases are alike. Depending on a number of factors, you may incur additional fees and costs associated with such things as posting a bond, publication fees, costs associated with out-of-state assets, or litigation.
The complexity of the probate process is one reason why it is necessary to have an experienced estate and probate lawyer at your side.
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