By Phillip B. Rarick, Esq., Miami Probate Attorney
I. Executive Summary
Attorney’s fees and personal representative’s (“PR”) fees make up most of the costs for Florida Probate. The biggest cost are usually attorney fees. Florida probate attorney fees depend on whether the proceeding is Summary Administration – usually the quickest and least expensive – or Formal Administration. Many factors will enter into the fees, including whether the probate is contested, is subject to estate and other taxes, involves the sale of real estate, and requires advice regarding homestead. The second biggest cost are usually PR fees. However, since PR fees have a similar presumptive statutory schedule as attorney fees, they can equal or exceed attorney’s fees.
Note: Some Florida law firms only charge fees at the statutory fee schedule discussed below. This fee schedule can be unfair to the family if the probate is simple. Our Florida probate attorneys will discuss the options for attorney’s fees with you and we often can you an estimate of the fees and costs involved.
II. Summary Administration
Summary administration may be used for either a resident or non-resident decedent’s estate if (a) the value of the decedent’s entire estate subject to administration in this state, exclusive of exempt property, does not exceed $75,000 exclusive of exempt property; or (b) the decedent has been dead for more than two years, regardless of the size of the estate. F.S. 735.201(2) For more information about Summary Administration, see our Florida Probate Quick Reference Guide
Attorney’s Fees for Summary Administration: Summary Administrations are usually charged at the attorney’s hourly rate. After reviewing the will (if there is one), inventory, and death certificate, we can give you an estimate of our fees.
III. Formal Administration
This administration must be used if the decedent’s estate does not qualify for summary administration: the decedent’s estate exceeds $75,000, or the decedent has been dead for less than two years, or the will requires formal administration. Strategically, if the decedent had all assets in a trust, formal administration may be advisable to clearly cut off creditor claims. For more information about Formal Administration, see our Florida Probate Quick Reference Guide.
Attorney’s Fees for Florida Probate Formal Administration: Florida law sets forth a presumptive statutory fee schedule for probate attorney fees that are approximately as follows:
– $100,000-$1 million: 3%
– $1 million-$3 million: 2.5%
– $3 million-$5 million: 2%
Additional fees may be charged at an hourly rate for extraordinary services, such as will contest, sale of real estate, preparation of a Federal estate tax return, etc. See F.S. 733.6171.
As noted above, the statutory fee schedule can be unfair to the family if the probate estate is large and relatively simple.
Personal Representative’s Fees for Formal Administration: The Personal Representative (“PR”), the person legally in charge of the estate, is also entitled to fees for his or her services. Since the fee rates for the PR are similar to the attorney rates (see above), they can equal or exceed the attorney fees. See F.S. 733.617.
IV. Conclusion
Our firm provides a complimentary probate/trust consultation. Call us at (305) 556-5209 or email attorney Phil Rarick at prarick@raricklaw.com and we will give you a Checklist Of Tasks and Checklist of Documentsyou will need if you are the PR. Upon review, we can give you a good faith estimate of the attorney fees and costs.
Rarick & Bowden Gold has been entrusted by over 400 law firms and many families during the past 18 years to probate small to complex estates and administer trusts. After the loss of a loved one, we endeavor to help you close the estate in the least stressful way.