Depending on the size and complexity of your loved one's estate, you can expect to incur several thousand dollars in Michigan probate attorney fees. Settling an estate can be a long, complicated and stressful process. Protecting Yourself: Fee Agreements When you hire an attorney on behalf of the estate, get a fee agreement in writing. 1542 0 obj <> endobj Before the beneficiaries receive their inheritances, the probate court and your estate administration attorney will make sure the estate pays for: Once all those expenses are paid, the rest is distributed to the beneficiaries named in a person's will. In some cases, the costs are higher, particularly if an accountant and attorney, as well as the executor, participate in the process. Salary estimates based on salary survey data collected directly from employers and anonymous employees in Michigan, United States. Bonds that are $25,000 and under have minimal underwriting standards. Michigan law does not allow probate lawyers to enter into contingency fee agreements (where the amount paid is based on the value of the assets) in estate administration matters. Compare this with the cost of settling your estate through the probate court, which can range anywhere from 3 to 8 percent of the value of your assets. Don't see your county listed? Based on a $1,000,000 dollar estate value, the probate lawyer is entitled to a payment of $23,000. Living Trust Planning is much less expensive than Will Planning in the long run. Cost is another factor to understand when looking at a Will vs Trust. If you are filing Guardianships for two people, such as both parents, it will cost $350.00 plus $24.00 for the certified copies. What does that mean?" If someone passes away with assets in another state, those costs can be higher, because it may be necessary to hire probate attorneys in each state. It will vary based on several factors, such as the value of the estate. The inventory fee for an estate of $100,000.00, for example, is $362.50. How much does probate cost in Michigan? This means you can send them to different organisations at the same time. This fee must be paid before closing the estate or within one year after filing the proceeding to probate the estate. When a loved one dies, a relative or trusted friend is generally named the will's executor or the personal representative of the estate. Creditors may present claims by mailing or presenting them to the personal representative of the estate, or by filing with the court and mailing a copy of the claim to the personal representative. It is true that attorney fees come out of the same pool of money and assets as inheritance. However, in many cases, you can expect to pay a few different costs and fees associated with probate. Extra copies of the probate cost £1.50 each. How Much Does a Probate Lawyer Cost? Adding Up Probate Costs. 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