Experienced Guidance For The Probate Process
What Is Probate?
Probate is the court process of settling the legal and financial affairs of a deceased person. There are many aspects of the probate process. Some of the most important matters that are settled include:
- Determining the natural heirs to the estate
- Paying the debts of the estate
- Collecting bills for the estate
- Distributing assets in accordance with a will
If there is no will, assets will be distributed according to state law.
What Is The Cost Of Probate?
You must pay executor fees, legal fees, and costs prior to distributing of these assets to your heirs. Property owned in other states can complicate issues for your family. Each other state has its own set of laws.
These costs can vary widely and are determined by a number of factors, including the size of the estate. There is a maximum amount of fees attorneys can charge for probate under California Probate Code section 10810. However, a probate court can order higher fees for cases that are litigated or more complicated, such as tax problems, real estate sales, etc.
Normally, the fees for the first $100,000 are 4 percent concerning the gross value of the estate; for the next $100,000, fees are 3 percent, and then for the next $800,000 the fees are at 2 percent; finally, for the next $9 million the fees are at 1 percent. The court will determine a reasonable fee for much larger estates.
Appraisal Of The Estate
A probate referee does the appraisal of an estate to determine the fair market value of the real and personal property assets. The fair market value does not include mortgages and other debts. Thus, a $500,000 home with a mortgage of $499,000 with a fair market value of $500,000 is valued at $500,000 for attorney and executor fees. Probate referees receive a fee based on 0.1 percent of the assets they appraise.
We Are Here To Help
If you are seeking an experienced probate lawyer in Orange County, our law firm is here for you. Contact us today online or by telephone at 949-945-0415 or 760-610-0519.
