Hey guys, it’s Brad from GeorgiaProbateResource.com. Appreciate you checking out this video. I’m here today with Josh Nelson with Nelson Elder Care Law out of Woodstock, Georgia, and Marietta, Georgia, and he’s going to answer some questions for us today. So appreciate you checking this out, and I hope these videos help you out. Thanks again. How much does probate cost? That’s kind of a tough question and a broad question, but Josh is going to try to answer that best of his ability.
Speaker 2:
I think it’s a really important one though, and we get asked this all the time, and especially lawyers try and dodge this question, which sounds a little shady, and it feels shady whenever you get it. The truth is that whenever you look at what probate costs, it can vary greatly depending on how much help you need. If you just need to file probate on your own and it’s a simple estate and you’re not going to get an attorney involved, you can often do it for under 500 bucks. Then there’s attorneys that will help you just get established as the executor or the administrator in what’s called a letters only engagement, which is they only help you fill out the petition. They don’t actually put their bar number on anything. They just get you permission to be able to handle the estate from the court, and that runs about 1,500 bucks to a little over 2,000 depending on the firm you work with.
And then there’s what’s called full administration. That’s whenever the attorney’s going to help walk you through every aspect of your case from the beginning petition to the filing the creditor’s notices to making sure that they handle the heirs issues if you have any, as well as make sure that the checks get written to the right places and that the judge signs off on all this at the end in what’s called a final discharge. That is often charged either an hourly rate, which is usually between 350 to 500 bucks an hour. And as you can imagine, that adds up pretty quick. Or some places will do it as a percentage of the estate with 3% up to the first million being the most common fee.
In Georgia, we don’t have statutory or court regulated fees like they do in other states like Florida, and so the attorney can set the fees they want to charge for this. But a good ballpark figure is, again, if you’re going to do it on your own, it costs about 500 bucks. If you want the bare minimum of legal help, you’re probably looking at about 1,500 to 2,000, and if you want the full help, the attorney just really does everything for you, you can plan on about 3% of the estate or a minimum of around six to $7,000. Speaker 1:
Awesome. That’s a great answer, Josh. And I’ve done another video about this, and the one thing that I always tell people is that you got to assess your personality and figure out who you are. If you’re a DIYer and a go-getter and you feel like you’re really resourceful and configure things out, then maybe you could try to do it yourself. But if you feel like maybe this is kind of scary to you, it might be in your best interest to consult an attorney and go that route because it can get a little crazy depending on the complications and the state.
Speaker 2:
Part of it is you got to make sure that you’re focusing on yourself, what you feel comfortable doing. It is a legal proceeding, and if you file the wrong thing, the judge will call you in for what’s called a administrative hearing just to see why the stuff’s wrong, and that can be really stressful and overwhelming for somebody that just lost a loved one.
The other thing to think about is that the legal fees get paid for out of the estate, so it doesn’t have to just be out of your pocket, which means that if there’s like five or six heirs, even though you can make the commitment for the whole estate, you aren’t paying the full amount out of your pocket, it’s just split amongst the heirs. So especially if it’s something where there’s only one heir and you’re it, then it’s full freight from you, and maybe that plays into your decision. Where if there’s five or six people, maybe some step-siblings that you don’t have as good of a relationship with, you’re afraid that there might be a little bit of fighting or that it might be a little bit stressful for you, if there’s five people, you’re only paying 20% of the fee, it probably makes sense for you to have some help doing this rather than everybody just be calling you directly. Speaker 1:
Great point. Cool. Thanks again. I hope this helped you guys out. Again, that’s how much does probate cost, and obviously that’s an it depends answer, but that’s some great sort of categories and segments that you gave there, Josh. Appreciate you checking out the video, guys. Again, this is Brad with GeorgiaProbateResource.com here with Josh Nelson with Nelson Elder Care Law. We appreciate you checking out this videos. If you do have a house that you need to sell and you just want a quick, easy, fast, cash, no BS offer, we’d love to buy the house from you. Or if you want to go the traditional route and list it the traditional way with an agent, I am a licensed agent in Georgia with One Source in Woodstock, and I’d be happy to help you with that as well. So thanks again, Josh, for your time, and I hope you guys enjoyed the video.
Speaker 2:
Thanks so much, Brad.
How Much Does Probate Cost?
It’s Brad from GeorgiaProbateResource.com.
Today, I am joined by Josh Nelson with Nelson Elder Care Law from Woodstock and Marietta, Georgia. He will be answering some questions for us, and I hope these videos will be helpful for you. Today’s topic is about the cost of probate, and Josh will share his insights on this.
Josh Nelson
I believe this is an important question that people often ask. Sometimes lawyers try to avoid answering it, which can seem shady. However, it’s crucial to know that the cost of probate varies depending on the level of assistance you need.
Letters-Only Engagement
If you only need to file probate on your own and it’s a simple estate, you can do it for under $500 without an attorney’s help. On the other hand, some attorneys can assist you by only helping you fill out the petition, which is called a LETTERS-ONLY ENGAGEMENT. This costs around $1,500 to a little over $2,000, depending on the law firm you choose.
Full Administration
Full administration is a service provided by attorneys to guide you through every step of your case. This includes helping you with the initial petition, filing creditor’s notices, addressing any issues related to heirs, ensuring that the checks are written to the correct recipients, and obtaining the judge’s final discharge approval. The cost for this service is usually an hourly rate, which ranges from $350 to $500. Alternatively, some places charge a percentage of the estate, with 3% being the most common fee for the first million. As you can imagine, the costs can add up quickly.
In Georgia, there are no fixed fees for legal services unlike in some other states such as Florida. Attorneys have the freedom to set their own fees for their services. However, if you are planning to handle things on your own, it may cost you around $500. If you require minimal legal assistance, then the cost may go up to $1,500 to $2,000. But if you prefer the attorney to handle everything for you, then you can expect to pay around 3% of the estate or at least $6,000 to $7,000.
It’s important to prioritize your own comfort when dealing with legal proceedings related to the estate of a deceased loved one. Filing incorrect paperwork can result in an administrative hearing, which can be incredibly stressful for someone who’s already coping with loss.
Fees For Multiple Heirs
It’s also worth noting that legal fees are typically paid for out of the estate, which means that if there are multiple heirs, the cost can be split among them. This can be especially helpful if you’re the sole heir, as you’ll be responsible for the full cost. If there are multiple heirs, it may make sense to enlist the help of a professional to avoid potential conflicts or added stress.
Brad
If you have a DIY spirit and you are confident in your ability to figure things out on your own, then you may want to try doing it yourself. However, if you find the task daunting, it may be best to seek legal advice and take that route instead. The complexity of the situation and the state laws can make the process a bit overwhelming.
I hope the information I provided was helpful. The question of how much probate costs varies and depends on different factors.
If you have a house that you need to sell quickly and easily for cash, we’d be happy to buy it from you. Alternatively, if you prefer to list it the traditional way with an agent, I’m a licensed agent in Georgia with One Source in Woodstock, and I can assist you with that as well.