Administering an estate, especially a large or complex estate, is not an easy task and there are certain fees and costs associated with the process. Most of these fees are straightforward and all come out of the estate itself so the heirs do not have to come out of pocket to obtain their inheritance. At the beginning of the process, your estate attorney may be able to give you an idea of how much these fees will be, but if the estate is contested or runs into other ownership issues, then they may increase.
Filing and Register Fees
Almost every time you file paperwork with the court or with the county, there is an associated fee to cover the costs of processing the paperwork. This could mean the filings to open the estate, file the accounting, and to file the paperwork to change the ownership of homes or property into the name of the heir. These fees vary county by county, so the amount of the fees will be very fact-specific. These fees are fixed, but generally not substantial, though they can add up.
Attorney and Advisor Fees
Any professional who assists with the estate, from the attorney who advises the executor on what steps to take and ensures all filings are correct to a financial professional handling the funds, expects to be paid their appropriate rate. The larger the estate, or estates that require unique asset management, may have fees from other professional managers as well.
An estate that contains a business may also incur the management fees of the professionals who run the business during the probate period. This could be a manager of the company who is empowered to step in and make decisions until a new owner is determined from the heirs or it could be an outside professional who is experienced in managing assets who steps in to ensure the company’s assets are conserved.
Personal Representative Fees
The personal representative or executor of the estate is also entitled to a fee paid out of the estate assets for their time spent administering the estate. While many executors choose to provide their services at no cost to the estate, often because they are a beneficiary, in Utah they are entitled to a reasonable fee for the services they provide. This can be calculated in a number of different ways and your estate attorney can help guide you on the best option for a particular estate. The experienced trust and estates planning team from Dunn Law Firm have helped individuals craft estates that take into account the different fees and unique professionals needed to administer estates. It is possible to name specific individuals to fill certain roles, just as you name someone to fill the role of personal representative. To learn more, reach out to the Dunn Law Firm by calling (435) 628-5405 to set up a free consultation today.