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Probate Fees for Estates
Statutory basic probate fees, which are the same for both the probate attorney and for the executor/administrator, are based on the gross estate, as follows:
| Estate Size | One Fee
(Only Attorney) | Two Fees
(Attorney Plus Executor) |
$15,000 | $600 | $1,200 |
50,000 | 1,650 | 3,300 |
75,000 | 2,400 | 4,800 |
100,000 | 3,150 | 6,300 |
200,000 | 5,150 | 10,300 |
300,000 | 7,150 | 14,300 |
400,000 | 9,150 | 18,300 |
500,000 | 11,150 | 22,300 |
750,000 | 16,150 | 32,300 |
1,000,000 | 21,150 | 42,300 |
2,000,000 | 31,150 | 62,300 |
5,000,000 | 61,150 | 122,300 |
Again, these fees are on the gross estate, before reduction by debts such as mortgages on real property. In addition, for extraordinary work (like will contests, contested matters, real property sales and preparing the estate tax and fiduciary income tax returns), the attorney can get additional fees. |
Either no wills or the standard mom and pop wills also generally result in the entire estate being subject to estate tax at the second death, so that only one tax-free amount ($1,000,000 per person [or $2,000,000 for a couple with proper planning] in 2002 or 2011 and later), can pass tax-free. Post-mortem planning, such as a disclaimer by the surviving spouse of the tax-free amount will require regular probate (and fees) of the disclaimed amount, and the surviving spouse does not have access to the disclaimed amount if needed.
CONTROL
The surviving spouse is normally the trustee of all the trusts after one spouse dies. This gives the survivor control over the assets and provides both actual and emotional security.
PRIVACY AND SPEED
Probate generally takes at least six months, and can take several years. It is also a public court proceeding, so that anyone who wants to can look at the will and what property was in the estate. Trusts are more private (although notices must now be sent to intestate heirs and trust beneficiaries) and can pay some income or property to the beneficiaries almost immediately. Due to creditor and other risks, there is usually some delay before full distribution. Following are discussion of some of the reasons to use a trust. Read more.. |
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