How Much Does Probate Cost in Florida?

Understanding the costs associated with probate in Florida is essential for effective estate planning. These expenses can significantly impact the assets intended for your beneficiaries.

One of the main reasons to avoid probate is to avoid making your beneficiaries have to pay these costs.

Overview of the Probate Process & Fees

What Is Probate?

Probate is the legal procedure for administering a deceased person’s estate, ensuring debts are paid and assets are distributed to rightful beneficiaries. In Florida, there are three primary types of probate:

1. Formal Administration: Used for estates exceeding $75,000 or when necessary, involving comprehensive court supervision.
2. Summary Administration: A simplified process for estates valued under $75,000 or when the decedent has been deceased for more than two years.
3. Disposition Without Administration: Applicable in limited situations where final expenses are greater than the estate’s assets.

The chosen probate type influences both the complexity and cost of the process.

Associated Costs of Probate in Florida

Several expenses can arise during probate, including:

• Attorney’s Fees: Typically the most substantial cost, often calculated as a percentage of the estate’s value.
• Court Filing Fees: Approximately $400 for initiating probate.
• Accounting Fees: For preparing and filing necessary tax returns.
• Executor Bond Fees: To protect the estate from potential mismanagement.
• Publication Fees: Around $100 for public notices to creditors.
• Appraisal Fees: Costs for valuing estate assets, varying based on asset complexity.
• Miscellaneous Expenses: Including postage, copying, and other administrative costs.

These expenses are paid from the estate’s assets before distribution to beneficiaries.

Reasonable Attorney Fees

Florida law states that attorney fees for probate must be reasonable, often based on the estate’s value. Standard fees are:

• $40,000 or less: $1,500
• $40,000 to $70,000: $2,250
• $70,000 to $100,000: $3,000
• $100,000 to $1 million: 3% of the estate’s value
• $1 million to $3 million: 2.5%
• $3 million to $5 million: 2%
• $5 million to $10 million: 1.5%
• Over $10 million: 1%

These percentages serve as guidelines. Actual fees may vary based on the estate’s complexity, the attorney’s experience, and any extraordinary services required.

Who Pays for Probate Costs in Florida?

Probate expenses are paid from the estate’s assets before distribution to beneficiaries. This ensures that debts, taxes, and administrative costs are settled prior to asset allocation.