The gross value of the estate is the fair market value of the estate before the debts are paid. For example, a $200,00 home is left to a child by a parent in a will. As the estate goes through the probate process, there will be fees of approximately $8,000 in Statutory and Attorney Fees. These fees are due, even if there’s a mortgage against the home for $180,000, because the fee is based on the full fair market value of the estate before paying off any debts.

In addition to court mandated fees, there are other expenses necessary to prepare everything for probate. These may include, but are not limited to:

  • Bondsman fees
  • Asset appraisal fees
  • Court filing fees
  • Publication fees
  • Extraordinary fees

The best and safest way to avoid probate is through estate planning and using a Revocable Living Trust.