Probate is an important part of settling everything after a loved one has passed away. The process of probate is to ensure that the deceased person has all debts paid off and then allocate the remaining assets in accordance with the beneficiaries. You do not need to have a will for probate to take place, though if you do have a will then the lawyers will authenticate it to ensure it is legitimate.
Probate may be necessary for your family after losing a loved one, though this does not come without cost. If you are looking to file probate in Florida, you may be wondering how much money you’re going to have to spend.
With that in mind, this guide will walk you through some of the different fees to expect. It may vary depending on your situation, but there are some general rules that will allow you to get a good idea.
If upon the completion of this article, you still have questions that you need to be answered then you are welcome to reach out to us at Palm Beach County Lawyers. Call us at 561-656-0200 or fill out our online contact form.
Fees to Expect
As mentioned above, there are going to be some different fees to expect when it comes to probate. Be sure to spend some time reading through these different fees so you can get a good understanding.
Court fees in Florida are lower than you will find in most states, so this isn’t going to be something that will run your pockets too deep. In Florida, you can expect to pay a couple of hundred dollars for court fees. In some other states, this can be in the thousands.
Some of this will depend on the complexity of your case, if there are a lot of moving parts in your case then you can expect this to be on the higher end. Though in the long run, court fees are relatively low in Florida.
This is another fee that is dictated by state law, Florida law states that executor fees will be in correlation to the gross value of the administered estate. Below you will see the exact percentages to expect in Florida.
1. 3% on the first $1 million
2. 2.5% on the next $4 million
3. 2% on the next $5 million
4. 1.5% on anything higher than that
These fees are going to have some dictation by the state law, but for the most part, they will be calculated in the same way as the fee for the personal representative. Though an attorney is permitted to ask for an “extraordinary fee” if they have provided services that have gone above and beyond what the basic probate duties are.
When figuring out probate, it may not be absolutely necessary for you to hire an attorney. Though it will certainly make the process much more simple.
The fees paid to the accountant are in direct correlation to the overall value of the estate as well as the kind of assets that are present in the estate. Interestingly, a small estate that consists of only stocks can run you higher fees than a larger estate that has a residence and CDs in it.
Accounting fees may include the process of preparing and filing estate tax returns, though this is only necessary if the estate is subject to federal tax.
Appraisals and Business Valuation Fees
Appraisal fees for personal property can have a range of anywhere from a hundred dollars to a couple of thousand dollars. This is going to depend on the value of the properties at the time of death. Additionally, a business appraisal is likely to be north of a thousand dollars. This too will be determined by the business valuation.
In order to determine these fees, you will be required to submit information regarding the deceased’s real estate, business, and even personal property like jewelry, antiques, and boats.
The judge of the court will determine what the bond amount is when it comes to appointing your personal representative. This is not typically an out-of-pocket expense though, in most cases, it will come from the estate itself.
Depending on the judge, there may still be requirements to pay bond fees even if the beneficiaries are currently minors.
There are some miscellaneous fees that you can run into while working through probate. This may be things like postage, insuring property, storing property, shipping things, and potentially a couple of other random fees.
When it comes to miscellaneous fees, it is not likely that you will have to dig too deep in your pockets. It is, however, important to be prepared for these fees before you are confronted with them.
Settle Your Probate With Lawyers in Palm Beach County
Settling your probate is a process that can be stressful from time to time. This can be an experience that is both lengthy and costly, so it is going to be important that you are working with the right lawyers.
At Doane & Doane, we have made it our top priority to assist you through every step of the process. Through our years of experience and big firm resources, we are certain that our one-on-one attention will benefit your probate process.
Over the course of the past two decades, our firm has been established as one of the most prominent tax and estate planning law firms. We find it to be a privilege to assist clients in these important matters as working with the right lawyers can provide excellent benefits to the future of your family.
Our goal is for you and your family to enjoy the hospitality of the firm’s legal staff. We prioritize your case and never look at you as a number, you are an individual with specific needs that we will go to any measures to provide you with. If you have any questions or would like a free consultation then you are welcome to reach out to us at 561-656-0200 or fill out our contact form.
The information in this blog post is provided for informational purposes only and is not intended to be legal advice. You should not make a decision whether or not to contact an attorney based on the information in this blog post. No attorney-client relationship is formed nor should any such relationship be implied. If you require legal advice, please consult with an attorney licensed to practice in your jurisdiction.