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The Cost of Probate

In some states, such as Florida, probate can be an expensive process. In Tennessee, it is straightforward. The costs of probating a Will and administering an estate are paid from the assets of the deceased person.

In most cases the court costs in the Middle Tennessee area for probate will be under $500. The other costs of probate are primarily attorney and accountant fees, which can range from several thousand dollars to tens of thousands depending on the complexity of the estate. Again, these fees are paid from the assets of the deceased person, and these fees and expenses may also be tax deductions.

If the real estate is part of the estate, there will be expenses associated with the upkeep and maintenance of the real estate until it is sold or “delivered” to the party who will be getting the property. It is the Executor’s responsibility to keep up with all expenses and pay them from the estate account. The Executor can also be reimbursed for costs they pay “out of pocket” before the estate formally opens with the Court.

The court must approve the expenses and fees before the estate is closed, unless all of the beneficiaries agree in writing to pay them. It is important to work with an estate attorney and keep very careful records of all funds coming in and going out of an estate.

Article by CBC Law Group