The concept of probate alone can be stressful to think about. Since it is a process that only occurs after the loss of a loved one, many people are not aware of the details.
So, many people hear the myths about probate and worry about what that could mean for their families. One rumor is that probate is expensive. While there are certain fees involved in the probate process, it is important to know the details and how to manage the costs. Here are some frequently asked questions related to probate costs.
Who pays the fees?
Technically, your loved one’s estate will cover probate fees. However, as the Judicial Branch of California notes, personal representatives may have to pay costs as they arise during the probate process, but they can obtain reimbursement from the estate after the case closes.
How much does it cost?
Like many other matters in probate, the cost will depend on the details of the estate. For example, it could depend on:
- Whether your loved one took steps adding beneficiaries to the bank accounts or investments to reduce probate fees
- Whether formal probate is necessary
- The total value of your loved one’s estate
- State or location-specific rules
- Taxes
There is no set cost for probate. The filing fee is usually $435, but the administration fees and additional costs can vary widely depending on factors like those listed above. Kiplinger notes that, on average, probate costs could take anywhere between 4% and 7% of your loved one’s estate.
What should you do?
To prepare yourself for probate – and the financial matters involved – it can help to have a comprehensive understanding of your loved one’s finances and estate, as well as your own finances. Taking inventory and getting organized can make a key difference as you manage probate.
It will also help to learn as much as you can about the process before you begin the probate of your loved one’s estate.
Reach out to our experienced team at The Probate House L.C. to learn more about the probate process in California. To contact us, call 424-452-2375 or send us an email.