Some Probate Fees _ _?
posted by bruceE @ 12:14 PM
Sunday, January 24, 2010
THE GOOD_ _ THE BAD _ _ AND THE UGLY _ _ _OF SOME PROBATE FEES !
Some families may consider the way probate fees are calculated as being unfair to the family.?
Some states/prov. laws, sets the fees that probate representatives may charge. Many allow representatives to charge any fee that the court would consider reasonable, without limitations. Others, limit the fees to a fixed percentage of the value of the estate. These fees can be expensive under either method.
Cosider the late William E. Boeing estate results showing a 47% reduction in the estate value ? The estate was valued at $22,386,158.00. total settlement costs were $10,589,748.00 , leaving a net estate value of only $11,796,410.00 ? By any standard, that is extremely expensive as most would agree.
Depending on how title was held on the date of death, a married couple could pay some form of probate fees on the death of each spouse. Again a firm reminder for individuals to use the services of a qualified legal professional when they start their estate planning to minimize these sometime costly fees.