There are several elements that should be considered when determining the cost of probate proceedings. Each state has its own laws that determine formal probate costs. Typically, these fees include:
- Attorney fees
- Executor fees
- Court filing fees
- Miscellaneous costs
The cost of the attorney and executor is determined by the court, and is often a pre-determined percentage of the value of the estate. It is also possible that the executor and attorney will charge a reasonable hourly rate and track the hours spent working on the probate proceedings to determine the final cost, but the court will approve these amounts to ensure they are reasonable. The executor will often waive the fee if they are a relative or close friend of the deceased.
Additional costs that can make probate seem expensive, but are not directly a part of the probate proceedings, include:
- Accounting
- Litigating claims
- Preparing taxes
- Tax amounts
An experienced Ohio elder law attorney can help you understand the costs associated with probate, if it is a concern.
