Probate

Probate Cost

Depending on the estate size, probate can get rather costly. Find out here exactly how much probate could end up costing you or your loved ones.

Probate can cost families a lot of time and money. Many people try to avoid probate simply for the cost and the time that it requires. How expensive and time consuming can probate be? Probate can take 6 months or much longer depending on the size of the estate and the number of assets.

Probate cost varies by state, but it can get quite expensive. For example, in California probate fees are mandated by law. For an estate with a value of $1M the fees paid to the attorney settling the estate will be $23,000 plus costs. For an estate of $2M the fees are $43,000. But for even an estate that has nothing more than a single home worth $500k, the attorney fees will be $13,000 and that doesn’t include the court costs.

It is not uncommon at all to hear probate costs ranging in total fees from 6-10% of the entire estate value. With probate cost being so expensive, it is understandable why so many people try to avoid probate court altogether.

The cost of probate can sometimes mean much more than just fees and time. Probate can also cost beneficiaries assets that are rightfully theirs. Even though probate is a fair process, it’s not always perfect. It does happen sometimes that a person will die without a will and, when the estate goes through probate, the court is forced to decide who should get what. It doesn’t always work out the way it should, and in this case, the probate cost is overwhelming for those who don’t receive assets they expected to.

In any case, probate costs can be avoided if the entire probate process is avoided, and your beneficiaries will thank you for it.