Monday, 26 March 2012

Cost of a Probate in California

A probate process can take anywhere from 10 months to years to be completed. During this period of time, heirs have no access to their inheritance. Not only can they not access the money, but they may also have to deal with probate costs.

Under the California Probate Code Section 10810, there is a maximum set probate fee that probate attorneys can charge. However, these fees can be flexible, and the court may order you to pay more in probate costs in some situations.

The probate court fees that are applied in the state of California are standard. For instance, you may have to pay a 4% fee on the first $100,000 of the state, a 3% fee on the next $100,000, a 2% fee on the next $800,000 and so on. The probate costs that you are required to pay will not vary depending on whether loans are involved. That means that even if there is a mortgage on a house that is part of the estate, the attorneys’ fees are calculated not on the mortgage amount, but the total appraised value of the home.

Also, probate costs in California can increase, when the probate becomes complicated. Probates can become more complex when there are unknown creditors who arrive on the scene, or when there's a dispute over inheritance.

Besides attorneys’ fees, there may be other costs involved, including the executive/administrative fees, miscellaneous fees including fees for probate petition, publication fees and the fee for the probate appraiser.

A California probate is not only long, but also expensive. Fortunately, you can tide over some these costs by applying to an inheritance cash company for an advance on your inheritance.

1 comment: