Cost of Probate
While it may vary depending upon the attorney and the Executor involved, the property owned by the person who passed away, the magnitude of creditor claims, and disagreements which may arise between the heirs, the cost of probate in Idaho can run anywhere from about $2,000 to many times that amount. Court filing fees, county recording fees, and the cost of publishing a Notice to Creditors will usually add about $300 to $500 to that figure.
On top of that, the Executor is entitled to “reasonable compensation” which will vary depending on the amount of time that he or she is required to spend on the process. And when necessary, the services of appraisers may also be required adding to the total.
For married couples, these numbers can often be doubled because of the usual need for of a separate probate proceeding as each spouse passes away.
Also, if the person who passed away owned property in more than one state, legal proceedings will be required in each state unless a Family Trust was set up to avoid probate altogether.
At Peters Patchin & Monaghan, we typically look for the least expensive probate process that might be available. In usual circumstances, we are able to handle the entire proceeding (including all of the related expenses mentioned, above) for a total of just $2,895. And, if both spouses have passed away, we can often arrange a joint probate of both estates for just $3,395.
Especially for married spouses who own their own home, the cost of setting up a Family Trust is an excellent investment that will, in the long run, save several times the amount invested. It will also allow for inheritances to be accomplished in privacy and far more rapidly than is possible under probate proceedings.
We understand how disconcerting the loss of a loved one can be. Here at Peters Patchin & Monaghan, we strive to help steer your ship through these uncharted waters. With our extensive experience handling probate matters, we alsways look for the most efficient and affordable path available. Our partners, Daniel Patchin and Ben Monaghan, are committed to answering all of your questions along the way as you work through these sometimes-confusing times.Need More Info? Give Us a Call
If you would like our help with this or any other probate questions, please give us a call at 208-939-2600 to schedule your free initial consultation. Or you can schedule your expedited appointment at your convenience by clicking on either of the yellow “Schedule Now” boxes on our Home Page.