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The Cost of Probate: A State Comparison
In the process of probate, a probate court determines the validity of the decedent’s “last will and testament.” After this, the court oversees asset distribution to named beneficiaries or rightful heirs according to state intestate succession statutes. The court also oversees the payment of estate taxes and resolves conflicts between heirs.
All of this necessitates the payment of quite a sum of money to cover court fees, attorneys’ fees, administrative fees, executor fees, appraisers’ fees, accountants’ fees, and so on. The average probate costs anywhere from 5 to 10% of the gross estate, but can go as high as 15%.
In Florida, as in other states, the expense of probate depends on the organization of the estate. If accountants and attorneys pile up the hours searching for and qualifying assets, the probate will be correspondingly more expensive. Battles amongst heirs for assets will also increase the costs.
Executor and attorneys’ fees can be limited by state law, ranging from 2 to 4 percent of the estate value, depending on the amount of work these players put into probate. In California, for instance, executor and attorneys’ fees start at 4% of a $100,000 estate, and go down in percentage as the estate value increases. Executor fees are deductible from federal estate taxes.
Additional fees include probate court, which is $320 in California, plus surcharges. California has lower court costs than other states, which can charge from $1,000 to $3,000, due to a law limiting cost hikes. Other fees go to the appraisal of the estate by referees, who receive 0.1% of the assets in California.
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