What is Probate?
The simple answer, for most families, is that it is EXPENSIVE.
Probate Fees
Probate fees are set forth in the California Probate Codes, Sections 10810, 10811. The Courts determine the gross value of the estate and the personal representative and the personal representative’s attorney will be paid based on the the current rates:
- 4% of the first $100,000 of the gross value of the probate estate
- 3% of the next $100,000
- 2% of the next $800,000
- 1% of the next $9 million
- 0.5% of the next $15 million
If a probate estate includes a home with a value of $1,000,000.00 and the estate has no other assets then the Probate Code allows a minimum fee of $23,000.00 for the personal representative and $23,000.00. The allowable fees do not get reduced by the amounts of any mortgages that are on the property!
SAMPLE PROBATE EXPENSES
For an itemized breakdown of an actual probate expenses and a comparison with how much it would have cost the family if the decedent had a trust, click here.
Additional Probate Expenses
The probate estate will be responsible for additional expenses including court fees and other expenses.
- The current fee to file a probate in Los Angeles County is over $400.00.
- Upon the filing of the petition for probate, the estate must give notice of the petition for probate in a local newspaper, which could cost an additional $500.00.
- The Court will appoint a Probate Referee who will appraise the value of the estate and the Probate Referee typically charges a fee of 0.1% to 1% of the gross value of the estate plus costs.
Avoid Probate in California with a Revocable Trust
If you have set up a proper trust under California law then your loved ones can avoid Probate completely.
For a more detailed explanation of the Probate Process, click here.
Free Legal Consultation
E-mail me at Andrew@CaTrusts.com or call me at (323) 899-1530 for a free initial consultation in your home or office or in my West Los Angeles office to discuss all of your Probate needs.