Probate encompasses more than distributing property under a will. Probate administration includes the entire process of implementing the decedent’s will and winding up all of their financial affairs death. Without an appropriate estate plan, a decedent’s affairs typically will be handled through California intestacy laws which often times involves the Probate Court. This is generally the case for assets which were not appropriately placed in trust, assets not going to a spouse or for estates exceeding $150,000.
Sometimes, the probate process can take many months to complete and can be complex. Attorney Gregory Cabo can handle your estate administration for you and guide you through the process, which includes preparing inventories, reports and accountings, providing required notices to heirs, creditors and government agencies, working with the probate referee in establishing asset valuation, working with you and estate accountants in preparing final tax returns, gift tax returns and estate tax returns, managing assets and liabilities, the distribution of assets and the closing of the estate.
How much does it cost to “Probate” an estate?
Attorneys’ fees and administrative fees are set by California Probate Statutes and are based on a percentage of the gross estate accounted for by the personal representative. The value of the estate accounted for by the personal representative is the total amount of the appraisal of property in the inventory, plus gains over the appraisal value on sales, plus receipts, less losses from the appraisal value on sales, without reference to encumbrances or other obligations on estate property. Ordinary fees for each are as follows:(1) Four percent on the first one hundred thousand dollars; (2) Three percent on the next one hundred thousand dollars; (3) Two percent on the next eight hundred thousand dollars; (4) One percent on the next nine million dollars; (5) One-half of 1 percent on the next fifteen million dollars; and (6) For all amounts above twenty-five million dollars, a reasonable amount to be determined by the court.
In addition to attorneys’ fees and personal representative fees, there are also Court filing fees, publication fees, appraisal fees, and bond fees.