How Much Does Probate Cost on Average?
The passing of a loved one can be one of the most difficult times that you experience. Not only do you have to settle their assets and organize the legal proceedings and make funeral arrangements, but you have to do a lot of that as you grieve your loved one.
Probate court is one such complex activity that you will have to navigate after the passing of a loved one. In this article, we’ll give you details on how probate court works and how much you can expect the budget for probate cost to make this process a little simpler for you.
What Is Probate Court?
Before we start talking about the details, let’s first make sure that we have a sound understanding of what probate court is exactly.
The first thing to know is that probate court is a distinct type of legal proceedings. Probate judges serve in probate court. The purpose of this court is to adjudicate over the possessions and wealth of someone who has passed away.
The first and foremost responsibility of the probate court is to ensure that all of the creditors of the passed person receive compensation for the credit they had extended to the deceased. This means that if your loved one had significant debts, then a lot of their estate may be eaten up by those debts before it is distributed as per their will.
In instances where a will was not left and ownership of possessions is disputed, a probate court will also help adjudicate the ownership of those possessions and wealth.
As a general rule, if you know that there are is a complex situation regarding this particular inheritance (a complicated will, lots of debt, etc.) you should hire a probate lawyer to help you navigate the probate process.
How Much Does Probate Cost?
Now that you know what probate court is, let’s talk money. Probate court costs money. The total fees of the court will depend based on the case.
Generally, the cost of the process could end up being up to 8% of the total estate. There are several factors to consider. First is the actual court fees that you owe to the court of law. The second is the fees that you will owe to the lawyer.
Lastly, you’ll also have to consider bond fees, valuation fees, and accounting fees. Not to mention, at the end of the day a lot of the inheritance will be taxed. This will be an additional cost on top of the answer to the question, “how much is probate?”
Prepare for Probate
The main takeaway here is that probate court is something that you should prepare for. Try your best to ensure that you are able to get a good lawyer that will maximize the amount of money you get from the estate. Be sure to budget for the miscellaneous fees, however.
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