Video Summary
How much does probate cost? That’s always a big point, in that the Reader’s Digest in the past has talked about how the lawyers get 50% and the government gets the other 50%, and it takes seven years for everybody to fleece the estate. However, that’s not the case. If you have probated assets or assets that are just in your name alone when you pass away, the Florida statutes prescribe that a reasonable attorney fee is 3% of the assets. There are certain minimum fees for handling a probate proceeding, and also prescribes that there is a 3% fee to the personal representative or executor of the estate. You’re looking at 6% of the assets.
There are two types of probate proceedings. One is a formal administration, which takes approximately six months to a year depending on how complex it is, and also a summary administration when they’re assets of less than $75,000 excluding the homestead and a provision is made for creditors. Either no creditors or you’re making provision that they be paid. And depending on which type of proceeding is involved will also affect how much the attorney fees will be. The court costs for a probate proceeding run between about 500 to 800 dollar court costs and administration costs, other than the attorney fees.
Rather than giving you a number in this video, give me a call. Let me know what assets are in the estate, and I’ll be glad to talk to you over the phone and give you a quote as to what procedure you would need to follow, how much it would cost, and some idea as the length of time. So give me a call at (727) 847-2288.