Virginia Probate Law by Christopher Taylor: How much is it going to cost me?

 Courtesy of Lexis Nexis

This is an exceprt from the website of a probate law firm in Richmond, Virginia

How much does probate cost?  How long does it take?

The cost and duration of probate can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a Will and the location of real property owned by the estate.  Will contests or disputes with alleged creditors over the debts of the estate can also add significant cost and delay.  Common expenses of an estate include executors fees, attorneys fees, accounting fees, court fees, appraisal costs, and surety bonds.  These typically add up to 2% to 7% of the total estate value. Most estates are settled though probate in about 9 to 18 months, assuming there is no litigation involved.

Typically the estate planning cost to an individual is a percentage of the estate's total value and or an hourly rate for the time spent organizing the estate, writing the will, and serving as the executor when the time comes.