When you pass away, what you leave your loved ones depends on if you saved and planned while you were still alive. If you want to avoid probate, this is another factor that requires careful planning before you pass away.
The fact is, going through probate in New York can be an expensive process. It’s also something that can take several months or longer, forcing your beneficiaries and family to wait to receive their inheritance.
Probate will also eat up some of the value of your estate because of the associated court costs and other fees. Understanding how much probate in New York costs will help you see why it’s smart to plan to ensure it is avoided.
Understanding what factors play a role in the cost of New York probate
Unfortunately, probate is a legal process that can be just as unpredictable as going through a divorce. You may believe that all that your family must do is show your will and your property will be distributed as your wishes state. Unfortunately, this isn’t always what happens.
If you are dealing with a lot of conflicts, then your beneficiaries are going to spend more time in court. It also means that your estate will have to pay even more to go through probate. In most cases, you can expect probate to take four to seven percent of the total value of your estate. However, your estate’s value is also going to impact what you are required to pay to the court.
Understanding what your estate will pay during probate
If your estate has to go through probate, there are several fees that you have to pay. Understanding what these are will help you plan early to ensure that you reduce the fees and costs as much as you can.