If you’re the executor of an estate in Florida, you’ll need to navigate the probate process. This involves various court filings and legal procedures to transfer assets and settle debts. Like most states, Florida charges fees for probate that take a percentage of the estate’s value. Here’s what to expect in terms of costs.
Court Filing Fees
One of the first expenses when probating an estate is court filing fees. In Florida, this includes fees to open probate and petition for discharge. Opening or initiating probate costs $395, while petitioning for discharge at the end runs $295. There are also various other paperwork filing fees throughout the process. Having a probate lawyer handle this ensures all documents are filed properly.
Personal Representative Commission
The executor of the estate, also called the personal representative, is entitled to a fee for administering the estate. Florida law allows 2.5% to 3% of the estate’s value, depending on the size. For example, an estate valued at $500,000 would generate a $15,000 representative commission. This compensates the executor for the time and work involved.
Attorney’s Fees
A probate lawyer is usually hired to guide the executor through the process and prepare and file paperwork. Attorney’s fees vary but often range from one to three percent of the estate’s total value. On a $500,000 estate, you’d expect to pay $5,000 to $15,000 in legal fees. Rates depend on factors like the complexity of assets and family disputes over the will.
Bond Premiums
In some cases, the court requires the executor to be bonded to protect the estate’s beneficiaries. This bond acts like insurance against the mishandling of assets. The premium is typically covered by the estate. For a $500,000 probate estate, you may pay $500 to $2,500 annually for bonding.
Appraisal and Asset Valuation
To determine estate taxes and distribute assets, all property must be professionally appraised. The estate covers these appraisal fees, which vary based on the types of assets like real estate, business interests, art, etc. Simple estates may only require a few hundred dollars in appraisals while more complex estates could incur thousands in valuation costs.
Between court costs, legal fees, and appraisals, probating an estate can easily cost from three to seven percent of the estate’s total value. While fees vary by state and court, they can range anywhere from $30 to a few hundred dollars, according to NerdWallet. Understanding Florida probate fees allows you to plan accordingly as executor or beneficiary. Call Forefront Law to schedule a consultation with our probate lawyer to get started.