Simplifying Probate During a Difficult Time
Probate
If someone dies without a trust, the court supervised probate process is used to identify the deceased person’s heirs, property, and valid debts. If there is a will, the court will usually appoint the executor named in the will and the assets will pass to the named beneficiaries. If there is no will, the court will appoint a family member or other interested person as executor and the assets will pass according to the California Probate Code.
The probate process can be very long and involved for the surviving loved ones, typically taking between 12 and 18 months or more. It requires significant time and effort by both the executor and the probate attorney. The California Probate Code provides a statutory fee structure payable to both the probate attorneys and an equal amount paid to the executor. Both the executor and the probate attorney are entitled to:
- 4% of the first $100,000
- 3% of the next $100,000
- 2% of the next $800,000
- 1% of the next $9 million
For example a $1 million dollar estate can cost roughly $23,000 for attorney’s fees plus $23,000 for the personal representative of the estate (often called the executor) plus the additional costs for filing fees, appraisals, publication fees and the like. You can estimate total probate costs to be roughly 5% of the gross value of the estate, which does not take into account any debts such as mortgages, credit cards, or loans.
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