The Cost of Probate
The cost of probate in California can vary depending on the complexity of the estate and the value of the assets involved. In general, the costs associated with probate in California can include:
Court fees: The court filing fee for probate in California is currently $435.
Attorney fees: If you hire an attorney to assist you with the probate process, their fees will depend on several factors, including the size and complexity of the estate, the amount of work involved, and the attorney's hourly rate. In California, attorney fees for probate are typically based on a percentage of the value of the estate, with a maximum fee of 4% for estates worth up to $100,000, and 3% for estates worth more than $100,000.
Executor fees: If you appoint an executor to manage the probate process, they may be entitled to a fee for their services. In California, the executor's fee is typically based on a percentage of the value of the estate, with a maximum fee of 4% for estates worth up to $100,000, and 3% for estates worth more than $100,000.
Other costs: There may be other costs associated with probate in California, such as appraisal fees, court reporter fees, and publication fees.
As an example: If the gross value of your total estate (Not your Net Worth) was valued at 1 million dollars, the cost of probate would exceed $50,000.00 and take as long as two years to settle. During such time, your assets may be unavailable to your beneficiaries.
Overall, the cost of probate in California can range from a few thousand dollars to tens of thousands of dollars, depending on the size and complexity of the estate. It's important to note that these costs can be reduced or avoided altogether by using estate planning strategies such as creating a living trust and Estate Plan.