Loune-Djenia Askew, Esq.
Aug 2, 2024
Probate can be a complex and often costly process, and it's important to know what expenses to anticipate. Below, we break down the typical costs involved in Florida probate.
Probate can be a complex and often costly process, and it's important to know what expenses to anticipate. Below, we break down the typical costs involved in Florida probate.
Court Filing Fees
In Florida, the filing fee can range from $200 to $400, depending on the county and the size of the estate. This fee covers the cost of filing the necessary documents to begin the probate process.
Attorney Fees
Attorney fees can be one of the most significant expenses in probate. Florida law allows for reasonable attorney fees, which are often calculated based on a percentage of the estate’s value. For example:
3% of the first $1 million of the estate's value
2.5% for estates valued between $1 million and $3 million
2% for estates valued between $3 million and $5 million
These percentages can vary, and it’s possible to negotiate fees with your attorney or agree on a flat fee or hourly rate.
Personal Representative Fees
The personal representative (executor) of the estate is entitled to a fee for their services. In Florida, the typical fee is also based on the value of the estate:
3% of the first $1 million
2.5% of the next $4 million
2% of the next $5 million
Additional Costs
Accounting Fees: If the estate requires professional accounting services, these can add to the total cost.
Appraisal Fees: Valuable assets, such as real estate or collections, may need to be appraised to determine their fair market value.
Bond Fees: The court may require the personal representative to post a bond to protect the estate from potential mismanagement.
Miscellaneous Costs: These can include postage, copying, and publication fees for notifying creditors and heirs.
Avoiding Probate Costs
There are ways to minimize or avoid probate costs altogether. Strategies include:
Living Trusts
Beneficiary Designations
Joint Ownership
Understanding the costs associated with probate in Florida is essential for effective estate planning. Consulting with an experienced estate planning attorney can provide personalized advice tailored to your situation, ensuring your estate is handled efficiently and in accordance with your wishes.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.