Navigating probate in New York involves several expenses that can catch families off guard. Knowing the costs upfront can help beneficiaries and executors plan accordingly and avoid unnecessary surprises.
Below is a breakdown of the typical costs associated with probate in the state.
Filing fees and court costs
The probate process begins with filing the will and other required documents at the Surrogate’s Court in the county where the deceased resided. In New York, the filing fee varies depending on the estate’s value. For example:
- Estates under $10,000: $45 filing fee
- Estates between $50,000 and $100,000: $215 filing fee
- Estates over $500,000: $1,250 filing fee
These fees cover court administrative expenses and are usually paid by the estate.
Attorney fees
Hiring a probate attorney is often necessary, especially if the estate involves complex assets, disputes, or significant debts. In New York, attorney fees are typically charged hourly or as a percentage of the estate’s value. Depending on the complexity of the estate, this percentage can range from 2% to 5%.
Executor commissions
Executors or administrators of the estate are entitled to receive a commission for their services, calculated based on the estate’s value. For example:
- 5% on the first $100,000
- 4% on the next $200,000
- 3% on the next $700,000
This compensation is paid out of the estate before assets are distributed to beneficiaries.
Additional costs
Additional expenses may include appraisal fees, accountant fees for tax preparation, and costs associated with settling debts or selling property. If disputes arise among beneficiaries, litigation costs can also escalate quickly.
Understanding these costs can help families and executors manage the probate process efficiently while minimizing unexpected financial burdens.