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Friday, March 29, 2013

How much does it cost to go through probate?

As a rough guide figure that estates between $300,000 and $700,000 will probably wind up paying about 3% in attorney and accountant fees. Because some of the probate work does not vary with estate size, smaller estates usually pay a larger percentage and larger estates lower one. In addition, by Wisconsin Statute the personal representative is entitled to a 2% fee.

Before you hire an estate planning attorney to assist with probate please be certain to get a written fee agreement. The fee can be quoted at either an hourly rate or as a fixed fee. If hourly it should specify both the attorney and the paralegal billing rates. There should also be a dollar amount specified that cannot be exceeded without your approval. If the agreement specifies a fixed fee it will probably be for a range to accommodate the many uncertainties that can pop up in a probate administration.


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