Thinking about probate costs while dealing with loss can be stressful and confusing. Moreover, California has one of the highest probate costs in the country. In many cases, the total probate expenses catch grieving families off guard.
Probate costs generally vary depending on how much the total estate costs. The more modest the estate, the less you have to pay. However, if you leave behind a large and complex estate, you can also expect a more expensive and complicated probate process.
Common probate expenses in California
California has set statutory fees for both attorneys and personal representatives. These start at 4% for the first $100,000 and gradually decrease for larger estates. Here are the other expenses you might face during probate:
- Court Filing Fees: Filing fees usually cost $435, but you can apply to waive the fee if you can prove financial hardship.
- Publication Fees: You will need to publish notices about the probate in local newspapers, which can cost between $200 and $400.
- Appraisal Costs: Professional appraisers help value your home, artwork or other valuable items. They can charge between $300 to $800 per item.
- Certified Copies: You’ll need official document copies for various purposes, costing around $25 to $50 each.
The total costs can seem daunting, but they’re essential to ensure proper handling of the estate.
Who pays the probate fees?
Thankfully, you won’t have to pay the probate fees out of pocket. The estate covers all probate expenses. These get deducted before the distribution of assets to the beneficiaries. However, the executor might have to pay upfront and receive reimbursement from the estate later.
Ensuring a less stressful estate administration
While the probate costs in California can quickly add up, a bit of planning can go a long way in protecting your estate’s value. Consider exploring options like living trusts, joint ownership, or transfer-on-death accounts to help reduce probate expenses and simplify the transfer process. Working with an estate planning attorney now can help preserve your legacy and give you peace of mind about future costs for your loved ones.