Probate Law

Probate fees are the greatest single source of income for estate planning attorneys.  Probate fees are not taxes.  They are administrative costs paid to attorneys and executors.  Average combined fees are approximately 5% of fair market value.

Probate fees on a piece of real estate that is worth $500,000 are $26,300.  This is regardless of the equity or even if the property is under water.  It is like selling a house.  The real estate commission is calculated on the sale's price, not the seller's equity.  Probate fees on a million dollar property are $46,000.

Since the executor and probate attorney split the total fees, guess who the attorney usually recommends that the client name as the executor?  That's right, the attorney of course, under the guise of "being neutral".

Wills are a guarantee of probate.  Then why have a will?  You might want to look at who is making the recommendation.

One of the primary goals of my practice is to keep my clients out of probate.  Usually, the best way to avoid probate is with a revocable living trust.