November 11th, 2008 by scott shuttleworth
Probate carries with it significant costs, payable primarily to the attorney(s) and executor(s) who administer the estate . The attorney and executor fees are set by California statute and are based on the gross, not net value, of the probatable estate (e.g. You own a home with $500,000 but with a $490,000 loan, fees are based on $500,000 not $10,000).
The statutory attorneys fees are as follows:
4% of the first 100,000
3% of the next 100,000
2% of the next $800,000
1% of the next $9,000,000
.5% of the next $15,000,000
The executor gets an identical amount.
“Extraordinary Fees”, over and above the statutory fees, may be awarded for “extraordinary” services. Typically, this involves unusually complicated estates or litigation.
By way of example, if an estate valued at $500,000 was probated (a typical value for a California home), the minimum fees would be $13,000 for attorneys fees, $13,000 for executors fees, court filing fees (currently $320.00) and probate referee appraisal fees.
See Probate Code Sections 10800-10805, 10810-10814
The Probate process in California is designed to primarily accomplish the following:
Open Probate in Proper Jurisdiction
Establish Last Valid Will of Decedent, if any
Establish and Empower Personal Representative
Establish Bond Amount if Necessary
Determine Probatable Assets of the Decedent
Determine Valid Debts of Decedent
Liquidate Portions of Estate if Necessary to Pay Costs of Administration and Creditors All or Portion [...]
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For over 10 years, the Shuttleworth Law Firm has assisted countless clients by preparing individual estate plans tailored after consideration of the unique circumstances of each client. For example, what is a good approach for a married couple with children from only that marriage could be entirely inappropriate for clients with multiple marriages.
Michael S. Shuttleworth [...]
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An AB trust is a trust that divides the trust property of each spouse into two shares at the death of the first to die – an “A” share and a “B” share.
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Your estate plan will require others to act on your behalf when you die or if you become incapacitated and unable to make decisions for yourself. Therefore, understanding the differing jobs in managing your estate and understanding what makes a successful nomination is critical. This is an effort to explain these issues.
Successor Trustee:
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Map to Roseville office
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Estate Plan Questionnaire
Shuttleworth Law Firm clients are welcome to download or view the questionnaire online. To view, double click the link and enter the password. If you want to download the questionnaire, right click the link and “Save Target As” or “Save Link As.” If you need a password, please call us and we will [...]
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Trustees and executors are those who are entrusted with managing the property of others for the benefit of the beneficiaries of the estate or trust. While many want to be the trustee or executor of an estate, the responsibilities and requirements of being a trustee can be significant. Fail to live up to these obligations [...]
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