How Much Does Probate Cost in Utah?

There are many reasons people choose to help loved ones avoid probate after they pass away. Probate is a lengthy process and it is a costly one, too. It is important for everyone to understand the costs associated with probate. For administrators, personal representatives, and beneficiaries, understanding the costs can help with planning and managing the estate. For those creating their estate plan, understanding the costs can help implement strategies that will allow loved ones to avoid the process.

What are the Costs Associated with Probate in Utah? 

The costs associated with probate are incurred through attorney fees, court costs, and other expenses. The exact cost of probate depends on many factors, including the size and complexity of the estate in question. The approximate costs families can expect are as follows:

• Court costs: The initial filing fee for probate is $375 and there may be other fees based on the facts associated with an estate. These court costs cover filing the probate paperwork and managing the proceedings related to the estate.
• Attorney fees: If you choose to work with a probate attorney, you will be billed either an hourly rate or a flat rate. Hourly rates for attorneys typically range between $200 and $500. Flat rates are typically between $1,500 to $2,000, although more complicated cases can cost $5,000 or more.
• Personal representative fees: Personal representatives have a number of duties associated with administering the estate and so, they are entitled to compensation for their services. Typically, personal representative fees range between two and five percent of the total value of the estate.
• Other costs: Other costs can include public notice publications, appraisal fees, and fees related to asset liquidation or management.

The costs of probate are paid by the estate. Although this can reduce stress for personal representatives, it can also result in fewer assets to be distributed to beneficiaries.

How to Avoid Probate 

When trying to avoid the costs of probate, there are many strategies that can help loved ones avoid the process entirely. These are as follows:

• Establish a revocable living trust and fund it with property. Assets held within a trust are not generally subject to the probate process.
• Title property as ‘joint tenancy with right of survivorship.’ This ensures the property is automatically transferred to the surviving owner and does not go through the probate process.
• Create transfer on death (TOD) or payable on death (POD) designations on certain accounts, such as bank accounts. Like joint tenancy with right of survivorship, this ensures the property is automatically transferred to the designated individual and does not have to go through the probate process.

Our Estate Planning Attorney in Utah Can Help 

You will have many goals when planning your estate, but avoiding probate is often an important one. At AGS Law, our Utah estate planning attorney can advise on the legal strategies to help your loved ones avoid probate and to protect your legacy. Contact our office to schedule a consultation and to get the legal help you need.

Source:

le.utah.gov/xcode/Title75/Chapter3/C75-3_1800010118000101.pdf