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Cortes Law Firm, Estate Planning, Probate, Trust Administration
Who pays for will probate?
I know that question sounds funny, but that’s the specific question from Google. Who pays for will probate? That is a great question because everybody wants to know how much it’s going to cost them out of their own pocket to probate their mother or father’s last will and testament.
How do you pay for probate?
The good news is probate are paid out of the deceased person’s estate. Now, last time, I gave a range of about $3,200 to about $7500 for a probate that goes very easy with no fights, that money is paid out of the deceased person’s estate. It is not an out-of-pocket expense by any of the beneficiaries.
How do I pay my probate attorney?
I do need to caution that what will usually happen when you go to a probate attorney? They will most likely require a retainer upfront to cover their costs and expenses during the probate. So let’s say that the probate attorney requires a $5000 retainer upfront to probate the estate and the probate cost for simplicity. Exactly $5,000 for attorney fees, costs, expenses, publication, mail everything cost exactly $5,000. one of the beneficiaries, usually the executor or the personal representative, probably put that on their credit card or took out $5,000 from their savings account to pay that retainer and put it into the attorney’s trust account.
What happens to my money after the probate?
What then happens is at the end of the probate in the final account that $5,000 is listed as an expense by the personal representative or the executor, whoever it is, and that $5,000 is taken off of the top. While that executor, a personal representative, may have had to pay the money upfront out of their own pocket. They also get reimbursed that money upfront off of the top before any other distributions are made. So that’s a very important distinction.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118