So, you’ve been named as the executor of a family member’s estate, and they’ve just passed away. You’re probably asking yourself, “How much are Florida probate attorney fees?” It’s a reasonable question, considering you probably want to find someone to handle all the legal matters as quickly and inexpensively as possible.
In Florida, the statute that covers what an attorney’s fees can be is found here. Need a quick run-down? We’re here to help!
How Florida Probate Attorney Fees Are Decided
According to the statutes, a formal administration of an estate must take place when the compensable value of the estate exceeds $40,000 and doesn’t qualify for summary administration. The following examples are considered presumptively reasonable fees when compared to the compensable value of an estate:
- For estates of $40,000 or less: $1,500
- For estates between $40,000 and $70,000: $2,250
- For estates between $70,000 and $100,000: $3,000
- For estates between $100,000 and $900,000: 3% of the estate’s value
- For estates between $1 million and $3 million: 2.5%
- For estates between $3 million and $5 million: 2%
- For estates between $5 million and $10 million: 1.5%
- For estates of $10 million and above: 1%
Depending on your case’s complexity, your attorney may also charge an hourly rate to your estate.
When we talk about the compensable value of an estate, what we mean is the value of the estate minus the homestead property of the estate and certain personal property. Anything else goes toward the compensable value of the estate, against which an attorney can base their fees.
Don’t Want to Pay Probate Attorney Fees? Start Estate Planning
To demonstrate how much you might end up paying a probate attorney, let’s look at a few different examples. For an estate whose compensable value is $300,000, you could end up paying $9,000 in probate attorney fees. A $2 million estate could owe $50,000. A $12 million estate could owe $120,000. As you can see, the amount you could end up paying in attorney fees can add up quickly, especially if many of your assets are not exempt, which is why it is so important to start estate planning now.
An estate plan considers all of your estate’s property and takes legal steps to protect it from probate.
Contact a Probate or Estate Planning Attorney Today
If you need help handling a deceased loved one’s estate as it goes through probate, don’t hesitate to contact us. We will work with you to keep costs low. Want to avoid probate altogether? Don’t wait another second. Get in touch with us now to start planning for the future of your estate and your family. Our attorneys know how to protect your estate.