Although not all estates require a lawyer to handle probate, an experienced attorney can be an invaluable ally for an executor or administrator. But how much will the cost and who pays?
The most frequent questions regarding probate are about the lawyer’s fees and how much it is likely to cost. The answer is dependent on many factors. It’s therefore important to know some basic facts about the process in order to estimate the cost of probate.
You’ll find below a brief primer on the law of probate and probate attorneys, which includes discussions about how the process works, what it costs, how long it can take, and whether probate is necessary.
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What is probate?
The court oversees the process of administering an estate, including paying debts and distributing assets to heirs. If there is no will, the estate will be handled by an administrator, or by an executor, named in the will of the deceased. The person who handles the estate is sometimes called “personal representative.” Basic steps in probate include:- Filing of a petition for the opening of an estate and setting up a hearing for the appointment of a personal representative.
- Notifying heirs and beneficiaries of the hearing;
- Taking an inventory (including all assets and liabilities) of the estate.
- Notifying all creditors of the estate;
- Payment of debts and distribution of estate property to beneficiaries
- Closing an estate.
What is an estate lawyer?
A probate attorney is an attorney licensed to practice in probate law. Probate lawyer’s fees are paid directly to an attorney. They are not the “probate cost” which includes the following items:- Personal Representative Fees
- Court Fees
- Publication fees
- Accounting Fees
- Appraisal fees
- Recording fees for deeds
How long does the probate process take?
The probating of a will may take anywhere between a few weeks to over a year. However, most estates close within a single year. The length of the probate process can be affected by many factors, including the clarity and validity of the will, and the organization and preparation of the estate at the time the decedent died. The value of an estate can also influence the length of the probate. Logistically speaking, the longer a probate takes, the more debts and/or assets an estate may have. If an estate is worth enough to be taxed, the Internal Revenue Service will also get involved. Some states offer simplified probate procedures for estates with fewer assets or a lower value.What is the cost of probate?
The costs of probate vary widely from one place to another. However, they are usually between 3% and 7% of an estate’s total value. The costs can be much higher and they tend to increase as an estate’s value increases. The probate costs will increase as the value of an estate increases.Can an estate avoid probate?
Smart estate planning can help an estate avoid probate and the associated fees. Some of the most common estate planning techniques to avoid probate are:- Joint ownership is when property passes to another owner directly without going through probate.
- The designation of beneficiaries directly on life insurance, retirement accounts, banks (“Pay-on-Death”, or POD), or investment (“Transfer-on Death”, or TOD) is because the account will pass directly without probate.
- The creation of a trust is advantageous because the property in the trust can be distributed directly to the beneficiary, without going through probate.
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Contact Bonardi & Uzdavinis without delay to arrange a FREE consultation.
