Probating an estate can be time-consuming and costly, taking anywhere from 6 months to 2 years to complete. Will contests can increase the duration of the process. Probate can also be expensive, with any probate costs and expenses coming out of the estate’s funds.
The expenses usually encountered in the average estate include:
- Bond Premiums – The personal representative may have to provide a bond to the Probate Division to guarantee faithful performance of duties. The bond can be waived by the will or if the court and/or all of the beneficiaries agree. The cost of the bond is paid out of the estate funds and varies according to the value of the property inventoried in the estate.
- Publication costs – Usually, two notices must be published during administration of the estate to protect the rights of persons who may have an interest in the estate. The costs of publishing depends on the length of the notices and the charges of the particular newspapers.
- Court Costs
- Appraisal Fees – Appraisals are sometimes necessary to determine the value of the property in the estate. These fees must be paid by the estate.
- Personal Representative and Attorney Fees – Click HERE for a detailed outline of personal representative (sometimes called the “executor”) and attorney fees as outlined by RSMO 473.153.
If you need help navigating through the probate process or avoiding probate entirely, Contact Us at the Law Offices of Stephen J. Hoffmann.