Probate

Cost of Administration

In order to have all of the above identified documents and procedures followed, an attorney familiar with probate administration should be hired. Obviously, attorneys handling probate matters don't work for free, nor should they. They are entitled to receive a fee for handling the affairs of an estate as it goes through the probate process. If the attorney's fee has not been agreed upon prior to the administration of an estate, the fees will be based upon Florida Statute Section 733.617.

In addition to attorney fees, another estate expense is the personal representative fee. Currently, pursuant to Florida Statute Section 733.617, the personal representative is entitled to 3% of the first million dollars, and smaller percentages if the estate is above that amount.

There are other expenses, such as filing fees, which normally run between $120 to $140 in the state of Florida. Bond fees for a $15,000 bond in Florida will be approximately $80. Appraisal fees to establish the value of the estate are directly related to the type of assets, difficultly in appraising the assets and, finally, the value of the assets in the estate. These fees may range from a few thousand dollars to $20,000 or $30,000, or even higher, depending upon the size of the estate and the type of assets involved.

Accounting fees should also be considered in the estate process. An accountant should be hired to prepare the last income tax return, estate tax return or non-taxable return for the estate. Accounting fees should also be included as a significant expense if the estate will be paying inheritance taxes. These fees will range from several hundred dollars to many thousands of dollars, again depending on the size of the estate and the type of assets. Because the probate process takes considerable time, other expenses such as property insurance and property taxes should also be considered.