Probate in Northwest Arkansas: How Much Will Probate Cost?

Probate in Northwest Arkansas: How Much Will Probate Cost?

As with many things, probate cost is going to depend on the complexity of the case.  Those factors include:

  • The gross value of the estate
  • If everybody gets along
  • The type of estate planning done before hand

You can expect certain fees:

  • Court filing fee ($185 as of March 2021)
  • Newspaper advertising fee (Around $210)
  • Executor fees (more on this later)
  • Attorney fees (more on this later)

Some of these costs are fixed by state law, some will vary.  But, in general, you can expect probate to cost about 5% to 10% of the GROSS estate.  Your gross estate is the value of everything you own without subtracting debts.

Common Probate Costs

The court fees for filing the petition and other documents range from $165 to $185 (as of March 2021).

The cost for running the required advertisement in the newspaper ranges from $170 to $250.

If there is real estate involved which does not pass outside of probate, you will need it appraised by a certified appraiser, not a real estate agent.  The fees for an appraisal run about $600 per property.

Executor Probate Cost and Fees

You can expect the executor to take a fee for doing their work. 

The executor is the person named in a Will or appointed by the court to oversee the Probate process. If you don’t name an executor in you Will, then the Judge will appoint one for you. They are entitled to payment for their work.

The fee schedule is determined by state law as follows:

  • 10% of the first $1,000
  • 5% of the next $4,000
  • 3% of the remaining estate balance

For a $100,000 estate, this comes to $3,150 or 3.15% to the executor.  For a $200,000 estate it is $6,150 or 3.075%.  As you can see, it works out to just about 3% of the total estate.

Attorney Probate Cost and Fees

The attorney is entitled to a fee for their work.  Similar to the executor fees, it is fixed by statue to a percentage or “other contractual arrangement.”

The fee schedule for the attorney fees is as follows:

  • 5% of the first $5,000
  • 4% of the next $20,000
  • 3% of the next $75,000
  • 2.75% of the next $300,000
  • 2.5% of the next $600,000
  • 2% of the balance of the gross estate

For a $100,000 estate, this comes to $3,300.  For a $200,000 estate it is $6,050.  Like the executor fees, the attorney fees for probate hover around 3%.

Total Probate Cost

For an uncontested, straightforward probate you can expect about

  • About 3% to the executor
  • About 3% to the attorney
  • $185 to the courts
  • $210 to the newspaper
  • $600 to an appraiser

For a typical $250,000 estate this comes to

  • $7,650 to the executor (3.06%)
  • $7,425 to the attorney (2.97%)
  • $185 to the courts
  • $210 to the newspaper
  • $600 to the appraiser

For a total of $16,070.00.

Unmentioned Probate Costs

The time and aggravation involved in probate is rarely mentioned, but is nonetheless a cost of Probate.

Time

Probate takes a minimum of 8 months and usually closer to a year.  Until towards the end, the money is not available to family.

Aggravation and Stress

The most often mentioned cost of probate is stress.  People just want it to be over with so they can get on with their lives.