It’s common for the cost to probate a last will and testament can range anywhere from 3% to 8% of the estate’s value.
Yahoo Finance’s recent article entitled, “What Happens If the Executor of My Will Dies?” says that in terms of what’s involved, the various costs can include the following charges:
- Court filing fees
- Attorney’s fees
- Accountant fees;
- Certificate fees for official documents
- Notification fees if required to publish a public notice for creditors
- Probate bond fees
- Appraisal fees to determine the value of estate assets
- Postage and mailing expenses
- Storage fees, if you have to keep assets in storage before probate ends
- Notary fees; and
- Fees paid to the administrator of an estate sale (if applicable).
It’s the executor’s responsibility to keep track of fees associated with probate and pay them out of estate assets.
One exception: executors required to purchase a probate bond must typically pay the fee for that themselves.
The article also notes that the executor is entitled to collect a fee for their services. The fee can vary from state to state, but it’s not unheard of for an executor to receive anywhere from 2% to 5% of the estate’s value for their time.
To learn more about estate planning in the East Valley, Gilbert, Mesa and Queen Creek, schedule your free consultation with Attorney Jake Carlson by using one of the links above.
Reference: Yahoo Finance (May 15, 2023) “What Happens If the Executor of My Will Dies?”