The Cost of Probate in New York City

Probate is the legal process of distributing a deceased person's assets according to their will. Or, if they did not have a will, a process called Administration governs the distribution of asset to next of kin, per the state law of intestacy. In New York City, the probate process can be costly, and it is important to understand the fees and expenses involved. Here is a closer look at the cost of probate in New York City and what you need to know.

Probate Fees and Expenses in New York City

The cost of probate in New York City can vary depending on the size and complexity of the estate, as well as the fees charged by attorneys and other professionals involved in the process.

Here are some of the fees and expenses you can expect:

1. Court fees: The Surrogate's Court in New York City charges a fee for filing the probate petition, which varies depending on the gross value of the estate.

2. Legal fees: It is highly recommended to work with an experienced estate planning attorney to navigate the probate process. Attorneys typically charge an hourly rate or a flat fee for their services, which can add up depending on the complexity of the estate.

3. Executor or administrator fees: The executor or administrator of the estate is entitled to a fee for their services, which is usually a percentage of the value of the estate as set forth in the Surrogate’s Court Procedure Act.

4. Appraiser fees: An appraiser may be needed to determine the value of certain assets in the estate, such as real estate or artwork. The appraiser will charge a fee for their services.

5. Accounting fees: The executor or administrator may need to hire an accountant to prepare the necessary tax returns and other financial reports. The accountant will charge a fee for their services.

6.Miscellaneous fees: Other expenses that may be incurred during the probate process include court reporter fees, publication fees for required notices, and postage fees for mailing documents.

How to Reduce Probate Costs?

There are several ways to reduce the cost of probate in New York City. One option is to create a living trust, which allows assets retitled in the name of the trust to pass outside of the probate process. Another option is to plan ahead and work with an experienced estate planning attorney to ensure that your estate plan is comprehensive and well-organized. This can help minimize legal fees and other expenses after death.

Conclusion

The cost of probate in New York City can be substantial, but there are steps you can take to reduce expenses and ensure that the probate process runs smoothly. Working with an experienced estate planning attorney can help you navigate the process and minimize costs. It is important to plan ahead and consider all available options to protect your assets and ensure that your loved ones are taken care of after your passing.  Contact Legacy Wealth Counsel to discuss your planning options.