Estate Planning. Living Trust, wills.
How much does probate cost? The answer to that question is easy because the attorney and executor fees are set by statute. Prob C §§ 10800, 10810. During the probate court process and at the conclusion, the Superior Court will award compensation as follows: • Four percent of the first $100,000 of the estate, • Three percent of the next $100,000, • Two percent of the next $800,000, • One percent of the next $9,000,000, and • One-half percent of the next $15,000,000. • For estates larger than $25,000,000, the court will determine the fee for the amount that is greater than $25,000,000. This means that a parent who passes away and leaves their beneficiaries a home valued at $500,000, without a trust, would also be leaving a $13,000 bill for attorney and executor fees. A basic trust, on the other hand, may run anywhere from $1,600 to $3,000, while a more complex trust will cost a little more. Such a plan should include the trust set-up, a pour-over will, a health care directive and a power of attorney. That’s a savings of around $10,000.