What Fees And Expenses Can You Expect During The Probate Process In Florida?
Generally, the cost of probate depends on a variety of factors, including the number and value of assets. Many people do not understand what fees and expenses they can expect during the probate process. It’s important to understand the types of expenses than can be incurred during an administration so your Personal Representative can plan accordingly.
5 Main Types of Fees and Expenses to Expect During Florida Probate
There are five types of fees and expenses you can expect during a typical probate administration in Florida.
- Filing fees
The first step in probate administration is the filing of all necessary documents and paperwork to begin the probate process and “open” the estate. This step involves the Court filing fees.
Filing costs vary from one estate to another, depending on the type of probate (whether it’s a summary administration or a formal administration). Your attorney should be able to tell you ahead of filing what this cost will be. It is usually less than $500.
- Probate lawyer fees
Generally, it is advisable to consult with an attorney before deciding to open an estate administration. In fact, for formal administrations, having a probate attorney is required. For this reason, probate lawyer fees are one of the expenses an estate will incur during the probate process, particularly during a formal administration. The amount of attorney’s fees depends on many factors, including the size of the decedent’s estate and the complexity of the estate.
- Personal representative fees
When a personal representative of an estate is appointed to handle probate administration, the estate will pay reasonable fees for the personal representative’s services. Under Florida law, personal representatives charge fees based on the size of the estate and are generally compensated up to 3% of the value of the probate assets up to $1 million.
- Appraisal/valuation fees
Depending on the estate’s size, an estate may also pay for appraisal and valuation fees when determining the value of assets, including to real estate, business interest, stocks, personal property, and other assets. These fees can range from hundreds to thousands of dollars.
- Other fees and expenses
Other fees and expenses that routinely come up in probate administrations are as follows: probate bond, mailing/delivery costs, CPA/Accounting fees, and taxes. Your attorney may not be able to provide an estimate at the outset what all the expenses or costs may be, but he or she should be able to give you an idea of what anticipated costs may arise based on the types of assets and issues in the estates.
Schedule a consultation with our probate administration lawyers at Legacy Protection Lawyers, LLP, to help you handle the probate process. If you are considering creating an estate plan, our attorney can help you minimize the cost of probate or avoid probate altogether. Call 727-471-5868 for a case review.