WAEstate

Attorneys & Counselors

Call Now: (281) 759-3213

  • FB
  • TW
  • IN
  • YT
  • RSS
  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Mission Statement
    • Multimedia
    • Published Books
    • The Academy Fellow Designation
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
      • Are You A Caregiver
      • Coping With Alzheimer’s
      • Guardianship & Conservatorship
      • Hospice Care
      • Emergency Medicaid & Nursing Home Planning
      • Medicaid Planning
      • Veteran’s Benefits
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Special Needs Planning
    • Trust Administration & Probate
  • Seminars
  • Testimonials
    • Client Testimonials
    • Representative Clients
    • Review Us
  • Resources
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Resources
    • Probate Resources & Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Special Needs Resources
  • Contact Us
  • BLOG

The Cost of Probate

May 2, 2019 by Stephen A. Mendel, Estate Planning Attorney

Cost of ProbateIdeally, your estate plan should consist of a comprehensive set of strategies, plans, and tools that accomplish a number of goals related to protecting you, your loved ones, and your assets. One common estate planning goal is probate avoidance. While you may be aware that avoiding probate is desirable by many, you may not know exactly why.

Probate avoidance strategies are frequently included in a comprehensive estate plan for two important and inter-related reasons. The first is the time involved. The second is the cost. The cost of probate can often outweigh the cost of creating an estate plan that does not involve probate. In fact, a good estate plan can significantly shorten or avoid the probate process altogether.

How Probate Works

When you die, you will leave behind an estate. It will consist of all your owned assets and/or those in which you have an ownership interest. Probate is the legal process whereby those assets are identified, valued, and eventually transferred to the intended beneficiaries or legal heirs of the estate. As a general rule, the more numerous and/or valuable the probate assets are, the longer and more expensive the probate process can be. On that note, you might be asking yourself, why does the cost of probate seem so high?

The Cost of Probate

Although every estate is unique, some common costs associated with the probate of an estate include:

Filing fees and other court costs –

Just like any other court action, there are filing fees and other direct court costs related to probating an estate. Depending on the type of probate, the filing fee can be a few hundred dollars.

Executor fees –

The Executor of your estate has to devote time to his/her duties and responsibilities. They are, therefore, entitled to be compensated for that time.

Attorney fees –

In rare cases, an estate is so small that an alternative to formal probate can be used. For almost all other estates, your Executor or Administrator will need to seek legal assistance. An experienced Texas estate planning attorney can provide that assistance. They will do so by guiding your Executor or Administrator throughout the probate process. Thus, the attorney, like the Executor or Administrator, will be compensated for his/her services.

Appraisal fees –

Typically, the Executor or Administrator of an estate must submit an inventory listing all estate assets and the corresponding “date of death” (DoD) values. Those values often requires the assistance of a certified appraiser for real property. You might also need a professional appraiser who specializes in determining DoD values for other estate assets, such as jewelry and coin collections.

Real estate fees –

There will be additional fees and costs if your estate includes real property that needs to be sold. That includes commission fees for the real estate agent, inspector fees, and closing costs.

Maintenance & upkeep –

All assets must be secured and protected by your Executor for the duration of the probate process. Maintenance and upkeep expenses will likely come along with that, such as Insurance Premiums and Storage Fees.

In Conclusion

You can see how the costs associated with probate can add up quickly. Your estate will be billed for those costs. Meaning, there will be a diminished estate to pass on to your loved ones.

If you have additional questions or concerns about avoiding or minimizing the cost of probate, or about your Texas estate plan in general, contact the experienced Texas estate planning attorneys at The Mendel Law Firm, L.P. by calling 281-759-3213 to schedule your appointment today.

 

  • Author
  • Recent Posts
Stephen A. Mendel, Estate Planning Attorney

Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney

Latest posts by Stephen A. Mendel, Estate Planning Attorney (see all)

  • Famous Estates-Champ or Chump? Nelson Mandela - September 27, 2019
  • Famous Estates-Champ or Chump? Jane Fonda - September 13, 2019
  • Texas Trivia – Name the first of six flags to fly over Texas. - September 6, 2019

Filed Under: Probate

Other Articles You May Find Useful

  • The Texas Probate Process
  • What Happens to Creditors of a Decedent during Probate?
  • Does Your Law Firm Assist with Probate?
  • What Are the Drawbacks of Probate?
  • Can My Estate Avoid Probate?
  • What is the Uniform Probate Code?
  • About Stephen A. Mendel, Estate Planning Attorney

    Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

    Follow Us

    • FB
    • TW
    • IN
    • YT
    • RSS

    Blog Subscription

    Free Worksheet

    • This field is for validation purposes and should be left unchanged.

    HOUSTON

    The Mendel Law Firm, L.P.
    1155 Dairy Ashford, Suite 104
    Houston 77079
    United States (US)
    Phone: (281) 759-3213
    Fax: 281-759-3214

    Map

    map

    Office Hours

    Monday8:00 AM - 5:00 PM
    Tuesday8:00 AM - 5:00 PM
    Wednesday8:00 AM - 5:00 PM
    Thursday8:00 AM - 5:00 PM
    Friday8:00 AM - 5:00 PM

    The Mendel Law Firm

    The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an
    attorney-client relationship.

    © 2019 Mendel Law Firm, All Rights Reserved. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys