Getting your inheritance after a loved one’s passing can be a difficult, time-consuming process. For you to receive your share, your loved one’s estate often must first go through probate, a legal process that ensures estate funds are distributed properly. This process can take a few years to complete and incur expensive legal fees along the way.
Learn what you can expect to pay during the probate process and how Inheritance Funding can help you access your inheritance immediately.
Who Pays Probate Fees?
The estate and its heirs pay numerous fees during probate. The cost to probate a will varies significantly depending on factors like the estate’s complexity and state probate laws. Some of these fees include:
1. Court Fees
A family member or someone designated in the will must file a petition for probate with the court to initiate the process. The filing fee for this form is typically a few hundred dollars. Other court fees vary according to state law and can cost anywhere from a few hundred to over a thousand dollars.
2. Executor Fees
An executor or personal representative is responsible for managing the estate during the probate process. They are entitled to charge a fee for their services. The amount they charge is based on state law, which can vary from a certain percentage to an unspecified “reasonable fee.”
3. Attorney Fees
If you hire an attorney, you will need to pay for their services. On average, hiring a probate attorney can cost several thousand dollars. If the estate or probate process is complex or challenging, attorney fees will likely cost significantly more.
4. Accounting Fees
You’ll have to pay accounting fees to handle the estate’s financial matters, such as preparing and filing tax returns. Your attorney may handle the return, or you may hire an accountant to manage this work. Your accounting fees will also depend on the estate’s value and the type of assets owned.
5. Bond Fees
Some states require a surety bond to protect against executor misconduct. The probate judge determines the bond amount before the personal representative or executor is appointed, and the estate usually pays the bond fee.
6. Miscellaneous Fees
Miscellaneous fees can range from the cost of postage to travel to property maintenance and any other expenses associated with the probate process.
How Can Inheritance Funding Help?
Probate costs can add up quickly. Payment is often due when services are rendered, which means you need cash to cover probate fees right away.
That’s where Inheritance Funding can help. We provide immediate cash advances you can use however you wish, including paying for your probate fees.
As the oldest and largest estate advance provider in the industry, we’ve advanced hundreds of millions of dollars to thousands of heirs throughout the U.S. We’ll help you get the cash you need fast, with no repayment, interest or collateral involved.
Request a free consultation with us today to learn more about your options.