What is Probate?
Put simply, probate is a legal procedure your estate undergoes after you pass away. During the probate proceeding, a court will begin the process of sharing your estate to the right heirs.
Probate is always simpler if you own a will and/ or Living Trust that explicitly states your wishes. These documents help most by naming your beneficiaries and an executor. An executor is the individual charged with supervising your ultimate wishes.
Breakdown of the most common probate fees
Maybe one of the biggest disadvantages to probate is the cost. And the more it costs, the less inheritance your beneficiaries will get. Overall cost can widely vary, depending on several factors such as:
- The state you reside in
- The size of your estate
- How complicated your estate plan is
- Whether or not someone contests any portion of your plan
However, there are some things you cannot count on being fairly consistent in the probate process. Here are some of the most common fees likely to be incurred at some point during probate, irrespective of other circumstances.
Cost of A probate Attorney and Accounting Fees
Many individuals feel more comfortable hiring a probate attorney to assist them in the probate process. And in some states, you are actually required to do so by law (although most states do not make this compulsory). A probate lawyer’s fees (Including other costs of probate) are paid out of the estate, so your family will not need to bother about who pays probate fees, and they won’t have to put their hands into their pocket. But again, accounting and probate attorney fees will eventually lessen the total value of your estate. At the end of the day, that is money that could benefit your beneficiaries.
Court Fees
Any time you go to court, have it in mind that you’ll have to pay some sort of fees. For probate court, fees can depend on individual county and state filing fees, including other factors. Because there is no standardized probate court fee schedule across the nation, like attorney fees, the cost will vary depending on your location. But you should expect to pay most of the following common fees as you go about the probate process.
Filing fee: The initial fee you’ll pay to petition the court and start the process. The fee can range anywhere from $50-$1,200.
Certificate fee: There will be a fee for issues common certificate you’ll need. You’ll likely be asked for letters of testamentary or administration at some point. This fee can range anywhere from $5-$20 per certified copy.
Notifications: Part of settling an estate includes notifying beneficiaries and heirs. It makes sense to do this via certified mail with a signature requirement. You may also be required make a public notice regarding the estate in local paper.
Hiked probate fee could result in you paying more
The government is planning huge rise in the probate fee charged when a person dies and leaves properties to their loved ones to raise an extra £250m a year. This move, no doubt, will increase probate fee and when that happens, you’ll find yourself paying more on top any inheritance tax.
The flat £215 fee will be replaced with a new system of tiered alternations that would lead to some paying as much as £20,000 for estate valued more than £2m.
For estates valued between £500,000 and £1m the new fee will be £4,000, increasing to £8,000 for those worth between £1m and £1.6m, and £12,000 for those worth between £1.6m and £2m.
Given the rapid rise in the value of property in several parts of the UK recently, many families could find themselves hit by the higher charges after a loved one passes away. Getting a grant of probate is the only process by which an individual is given the chance to deal with the property, money and possessions of an individual after they pass on.
Contact us if you need the services of a probate attorney. We boast of experienced and competent probate lawyers who can assist you with the probate process.