Probate is a legal process that appoints someone to pay off the debts of the deceased, pay final and any outstanding state and federal taxes, and distributes the remaining assets. When there is a California last will and testament, the court determines if the will is valid. Without a valid will, the court will follow intestate law to handle the estate. The California probate generally takes around nine months. However, depending on the size of the estate, whether there is a valid will, and if there are any disputes from creditors or heirs, the process can take much longer.
Of course, one of the main concerns brought forward by families and administrators is the amount of probate fees in California. In this post, we’re going to look at how probate fees in California are calculated as well as the different types of fees involved in the process.
Related: How Long Should the Probate Process Last in California?
Types of Fees
There are several types of fees that may be involved in the probate process. Depending on the size of the estate and which assets must go through probate, some fees may be lower than others. Other fees may not apply.
One fee that will apply to certain estates is a surety bond. A surety bond is a contract that guarantees that the regulations set forth for estate administrators or executors will be followed. Smaller estates may not require a surety bond.
Related: Choosing an Estate Personal Representative in California
Another type of fee that may be present in certain estates is an appraisal fee. The California probate court may order certain assets to undergo a professional appraisal so that the proper value is recorded and reported. The cost of an appraisal depends on what is being appraised. Common assets that must be appraised include homes, jewelry, furs, land, businesses, coins, artwork, firearms, and certain types of memorabilia and equipment.
Then, there is the cost for filing the probate itself. The accurate amount for this probate fee can be obtained from the California county where the probate matter must be filed.
Both executors of an estate and probate lawyers are entitled to fees. The fees that they are paid are based on California probate law. The law uses the gross value of the estate and does not take any active mortgage(s) or other debts into account. The gross value generally includes the total financial value of real property, cash, CDs, any stocks and bonds, promissory notes, investments, jewelry, collections, furniture, tools, firearms, and other personal assets. Of course, there are some exceptions. Probate fees in California must be paid even if the estate has a negative value. That is, the estate doesn’t have enough assets to pay for the fees, debts, taxes, etc. Additional fees may be ordered payable to the executor and probate lawyer if closing out the estate took an excessive amount of time.
Here is a look at the statutory fees:
- If the estate is valued at $200,000, both the executor and the attorney are entitled to receive $7,000 each.
- If the estate is valued at $300,000, both the executor and the attorney are entitled to receive $9,000 each.
- If the estate is valued at $400,000, both the executor and the attorney are entitled to receive $11,000 each.
- If the estate is valued at $500,000, both the executor and the attorney are entitled to receive $13,000 each.
- If the estate is valued at $600,000, both the executor and the attorney are entitled to receive $15,000 each.
- If the estate is valued at $700,000, both the executor and the attorney are entitled to receive $17,000 each.
- If the estate is valued at $800,000, both the executor and the attorney are entitled to receive $19,000 each.
- If the estate is valued at $1,000,000, both the executor and the attorney are entitled to receive $23,000 each.