Probate
In California, probate is the court process wherein a decedent's assets are distributed to his or her beneficiaries or heirs. Generally, probate is required when the decedent either passes away intestate (without a will) or with a will and may take anywhere from nine months to a year and a half or more (depending on the estate complexity and/or contested matters). The fees for probate are statutory, meaning that they are fixed by California law and are based on the estate's gross value as follows:
Four percent (4%) on the first one-hundred-thousand dollars ($100,000)
Three percent (3%) on the next one-hundred-thousand dollars ($100,000)
Two percent (2%) on the next eight-hundred-thousand dollars ($800,000)
One percent (1%) on the next nine-million dollars ($9,000,000)
For example, an estate comprised of one house valued at $1,000,000 would incur a statutory fee for each of the attorney and executor of $23,000 for a total of $46,000.
Similar to the administration of a trust, the executor or administrator of a probate estate is serving in a fiduciary role and is subject to legal duties and responsibilities under California law. Accordingly, proper legal support and guidance is strongly recommended to ensure that the executor satisfies his or her fiduciary duties and administers the estate in an efficient manner.