When a person passes away before they’ve had an opportunity to set up a trust or even create a last will, it falls on their living family members to deal with the assets that are left behind. The cost of handling the probate process varies a great deal from one person to the next. Variables that impact the New York City cost of probate include the type of property involved and how much the property is worth. The higher the property value, the higher the New York City cost of probate. Here is a break-down of the costs you can expect when dealing with probate in New York.
You should anticipate that you’ll spend at least a few hundred dollars in court fees, and in a complex case with lots of assets or in which people were unable to agree on how the assets should be divided, the court fees can add up to thousands of dollars
Personal Representative Fees
These are generally determined by state law and in some cases they can vary from one personal representative to another which is why you should shop around before hiring one. Be sure you ask about an extraordinary fees the personal representative likes to charge since these fees can quickly add thousands to the final bill. The internet is a good place to learn whether or not a person routinely adds hidden extraordinary fees to the final invoice.
There are many different factors that influence the amount of attorney’s fees you’ll owe at the end of the probate process. These factors include the hourly rate of the attorney and how many hours of service you required, how complicated the probate process was, and if any aspect of the case wound up in probate court.
The total value of the estate while it’s in probate as well as the type of assets included in the estate dictate the amount accounting fees you’ll owe at the end of the probate process. Keep in mind that stocks and bonds tend to generate higher accounting fees than a piece of property and a bank account. Other costs that are frequently classified as accounting fees including federal and New York state estate tax return preparation and filing fees.
Appraisal and Business Valuation Fees
In most cases, the beneficiaries find that they have to have many of the assets that make up the probate appraised before anyone can actually determine the total value of the estate. The types of assets that generally require appraisal include real estate, antiques, art, jewelry, vehicles, etc. At the end of the probate process when the beneficiaries are calculating what their share of the New York City cost probate is, they generally found that they spent anywhere from a couple of hundred to a couple of thousand dollars on appraisal fees. If the probate includes a business that’s value had to be appraised, the appraisal fee usually costs several thousand dollars.