Question:
What Does Probate cost?
Answer: The AARP did a national
survey some years ago and determined that probate costs run on
average 2 to 10% of a person’s estate. But on a
$300,000 estate, that can still cost $6,000 to $12,000. And in
some cases, the costs can go much higher.
Question:
So two to four percent - that's the real cost of probate?
Answer: That’s the monetary
costs, but that’s not the only costs. Probate generally takes
at least 9 months to a year. There can be lots of hassles, lots
of disappointments, lots of worry and difficulty, lots of
energy.
These non-monetary costs
can be high. When you combine the monetary and personal costs,
that’s the real cost of probate. |