How Much Probate Costs With And Without A Will In Texas
Many people are afraid of drawing up a Will and doing other estate planning because of the perceived high cost. The truth is, the cost of drawing up a Will is small compared to the cost of probate of an estate if you die without a Will.
In this article, I will address the cost of probate in Texas. You could be looking at much higher costs in other states.
The Cost Of Drawing Up A Will
For a simple Mom and Pop Will, where spouses leave everything to each other, if surviving, or on the death of the survivor to their adult children, the cost is not likely to be more than $750 per person. Even if trust provisions are added to the Will for possible minor beneficiaries, the cost is still likely around $1,000 per person.
The Cost Of Probate With A Will
If a deceased person owned real estate or other assets of significant value when he or she passed away, surviving relatives will need to go through a probate procedure. In Texas, if the deceased had a Will providing for an independent administration, which is standard for lawyers to include in a Will, the cost of probate probably would range from $750 to $1,500 in attorneys' fees. Court costs are about $380 in Texas. A more complicated estate might run slightly more in attorneys' fees, but it would be unusual for the fees to exceed $2,500.
The Cost Of Probate Without A Will
If a deceased person dies without a Will and owned real estate or other assets of significant value which have not been transferred by beneficiary designations, administration of the estate or like procedure will be required at some point to transfer those assets.
There are endless possible complications for how the assets will need to be transferred if you die without a Will (intestate). Even in the simplest situation, however, your family is looking at a minimum of $2,500 to $3,000 in fees and expenses. In general, for more complicated estates, the fees and expenses will likely exceed $5,000.
If all potential legal heirs do not agree on how to settle the estate, an application to determine heirship and for the administration of the estate may be necessary, with a bottom-line cost of about $6,500 or more. These are just general, ballpark figures for Texas and could run much higher, depending on the circumstances.
Obviously, drawing up a Will is the smart way to handle your estate. Failing to do so will only end up costing many times as much as the cost of a Will, and your heirs will have to deal with the payment either out of their pockets or from the estate if there is enough money there.
Probate for each state is different. You should get an attorney in the decedent's home state to handle the probate administration of the estate.
If you would like to talk about drawing up a Will or other estate planning documents in the state of Texas, please call Adair M. Buckner for a free initial consultation.*
*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)
It was way past time to finally get our Wills completed. This was something that was extremely complicated for us, but Adair and her assistant never made us feel like we were bothering them...and we (I) bothered them...a lot! Things were explained to us in a way that we could understand easily. Extremely professional and knows her stuff!
I needed an attorney I could trust who could handle my legal concerns regarding my mother’s Living Trust. Adair Buckner firmly set things right. She was my voice when I had none and knew how to protect me in the midst of negative chaos. I recommend Adair to anyone seeking justice.
When my husband passed away, I contacted the attorney that we had used to prepare our wills but was unhappy with his attitude of indifference. I discovered Adair Buckner and all of my issues were resolved. Adair is professional, compassionate, and extremely knowledgeable. She saved me a large amount of money by processing my will in the appropriate manner to best suit my situation.
We appreciate Adair Buckner’s professional and personable service. Our legal needs were met promptly and succinctly. We would not hesitate (and do!) recommend her to our family and friends.
Trying to get our LLC changed over after moving to Texas was complicated, but Adair Buckner made the process so simple! We just gave her the details, and she handled everything quickly and professionally. Thank you, Adair, for making this part of our move stress-free!
Adair was very helpful in guiding us through this process of creating our estate planning! She and her assistant were friendly to us each time we met them in their office. I would highly recommend Adair Buckner as an attorney of choice!
Adair is our employment attorney at ROI Online. She is an excellent resource to turn to as we grow and add employees. Adair is not only extremely knowledgeable in her area of employment expertise, but she is also very accessible and quickly responds to our questions and requests.
It is a great pleasure working with Adair. She is very professional and genuinely concerned about your needs. I have complete faith and trust in Adair and will always work with here for my attorney needs.