Estate Planning & Living Trusts

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12. Probate is big business

AARP-The American Association of Retired Persons-did a survey of probate fees a few years ago.

AARP found that, nationwide, attorney fees alone could be as much as $1.5 billion a year, and that hundreds of millions more go to bonding companies, appraisers and the probate courts themselves.

Probate costs vary in each state, but they are usually estimated at 3-8% of an estate's value. If you own property in other states, your family could face multiple probates, each one according to the laws -- and costs -- in that state.

 

 

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