How Much Will A Probate Cost You?

Probate refers to the legal proceedings undertaken to carry out the will of a deceased person. The host of procedures that fall under probate includes but are not limited to probate attorneys evaluating the authenticity and validity of the will, appointing an executor named in the will (or an administrator in the absence of a will), channeling assets to existing liabilities, and distributing assets to the beneficiaries.

What Are The Common Costs Entailed by Probate?

Probate costs can vary largely depending on a number of factors like the size and complexity of the estate, estate plans, and heirs contesting the will. Even though it is case sensitive we have compiled a list of common probate costs you can expect to pay:

Cost and Filing Fees

The filing fee is what you pay when initiating the process for probate. The fee differs from one circuit court to another but the state-published uniform fee list should provide you with a reference. The more the estate amounts up to, the higher your filing fee will be. The costs lie between $110 for assets <$50,000 to $1,320 (or more) for assets > 1,000,000. Keep in mind these numbers are based on the latest updates and are subject to change.

If your case is being contested you will also need to hire a court reporter who will prepare a transcript of the trial. A court reporter can charge a few to several hundred dollars for their service.

In a few odd cases, you might also require an expert witness which will up your costs by at least a few thousand.

Attorney Fees

A probate attorney handles the entire probate process. It can be difficult for the inexperienced layman to make sense of certain legal bits that your attorney will ease you through.

From life insurance to property appraisal to filling out mountains of paperwork your probate lawyer will take care of it all. Sometimes if the deceased’s debts and pending bills give rise to complicated situations they will advise you on those too.

It is always a good idea to hire an attorney but especially so if the will is contested, you are unsure if the estate covers all debts or anything that might be even slightly concerning for that matter.

Most attorneys bill by the hour. This means the longer they spend on your case, the more are you going to have to pay them. It is difficult to present an estimated attorney fee because again, the amount is highly case sensitive. If your case involves contesting inheritors, disputing motions, etc. the fee will likely be on the higher side.

Probate Bond

Sometimes known as an estate bond or fiduciary bond, this is to confirm in writing that the executor or administrator will stay true to their duties once appointed. The cost for the probate bond depends on the size of the estate involved. The amount is calculated at 5% of the estate or $5/1000 for the first $250,000.

Personal Representative Compensation

The executor/administrator is entitled to 3-6% of the total value of the estate and an additional 3-6% of the estate income. Do understand that this is a highly variable factor. In presence of a will, it is carefully studied to determine the compensation, whereas in case there is no will the state steps in to decide an amount.

Additional Miscellaneous Fees

The miscellaneous fees include land surveyors, accountants, appraisers, etc. There is no way to arrive at a concrete estimate for this part because it varies hugely. You may or may not need all the services too.

Find the Best Probate Attorney in Oklahoma

Losing a loved one is a devastating ordeal. It is heartbreaking and challenging but you can always seek help. Reneau Law Group’s formidable team of experienced attorneys will help to sort the affairs of your deceased relative. We offer the best legal representation at affordable costs. Call us today to schedule a free consultation or book an appointment.

**Disclaimer: The above article does not imply a relationship between attorney and client, nor does it aim to provide any legal advice.