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ProbateWhat is Probate?
Probate is the court-supervised process of gathering and identifying a deceased person’s assets and distributing such property to that person’s heirs or beneficiaries after payment of any outstanding debts and administrative costs. In a probate case, an executor (if there is a will) or an administrator (if there is no will) is appointed by the court as “personal representative” to collect the assets, pay the debts and expenses, and then distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all under the supervision of the court. Typically, the personal representative appointed by the court is a family member or a close friend of the decedent. The entire case can take between 9 months to 1 ½ years, maybe even longer. |
What is the Cost of Probate?
Probate is often a complicated and time-consuming process that involves a great deal of effort by the personal representative and his or her attorney, both of whom are entitled to receive compensation from the estate. The compensation for the personal representative and his or her attorney is set by California law and is based on the gross value of the estate according the to following formula:
Gross Value of Estate Attorney Fees Personal Representative Fees
1st $100K 4% 4%
Next $100K 3% 3%
Next $800K 2% 2%
Next $9mil 1% 1%
Next $15mil 0.5% 0.5%
>$25mil Reasonable amount to be determined by the court.
Compensation to the personal representative and the personal representative’s attorney is paid at the end of the court proceeding.
Who Can Be Appointed as Personal Representative of the Estate?
If the decedent had a will, priority appointment is given to the person designated as executor in the will. If the decedent died without a will, the priority of appointment is determined according to California law, with surviving spouses having priority, followed by children and other close family members.
Probate is often a complicated and time-consuming process that involves a great deal of effort by the personal representative and his or her attorney, both of whom are entitled to receive compensation from the estate. The compensation for the personal representative and his or her attorney is set by California law and is based on the gross value of the estate according the to following formula:
Gross Value of Estate Attorney Fees Personal Representative Fees
1st $100K 4% 4%
Next $100K 3% 3%
Next $800K 2% 2%
Next $9mil 1% 1%
Next $15mil 0.5% 0.5%
>$25mil Reasonable amount to be determined by the court.
Compensation to the personal representative and the personal representative’s attorney is paid at the end of the court proceeding.
Who Can Be Appointed as Personal Representative of the Estate?
If the decedent had a will, priority appointment is given to the person designated as executor in the will. If the decedent died without a will, the priority of appointment is determined according to California law, with surviving spouses having priority, followed by children and other close family members.