On the Cost of Probate
Understanding Probate Proceedings
At Kerendian & Associates, Inc., we know that understanding probate procedures and undergoing the process can be trying after the death of a loved one. Along with questions regarding probate itself, a common inquiry is what the cost of probate is. A competent Los Angeles probate attorney can answer all you questions regarding probate and the related costs. In this page we hope, however, to be able to provide basic information to assist in your understanding of the process.
Fundamentally, probate is a procedure by which the estate of a deceased person is taken care of. It starts with a petition to the court to open the proceedings and the assignment of someone to execute the wishes of the deceased in accordance with California probate law. Next, official notices are sent to interested parties regarding the estate and any hearings to resolve matters are conducted. Once all debts of the estate are paid and the remainder is properly distributed, a petition to discharge is filed and the estate can be closed. The theory of probate is simple but the reality can frequently be complex and contested. This is where we offer our help and successful experience to you and your family.
Los Angeles Probate Lawyer
The maximum fees a probate attorney can charge are set by state codes. In very complicated cases, the court can order higher fees to be paid. These charges are based on the value of the estate which is commonly set by an inventory but the debts of the estate are not part of determining the fees of an attorney. The fee scale is based on a percentage of the assessed value of the estate.
If an estate is worth $100,000 or less, four percent of the value is allocated for the attorney. Beyond that, the fees are three percent of the next $100,000, two percent for the next $800,000 and one percent of the next $9,000,000. A fee of one-half percent is allowed for the next $15,000,000. If the value of the estate is more than $25,000,000, the court determines the fees allowable.
If you need to understand the probate process and how much it costs,
contact a Los Angeles Probate Lawyer