Last week we started a series on probate and estate planning; this is the second article on probates and discusses probate fees. Last week we discussed what probate is and the probate process.
What are probate fees?
Probate fee, is the fee paid to the government when probating your will and distributing your assets. It is based on the size of your estate and can range between 0.5%-2% of your estate, depending on your province or state. Each province or state sets their own rule and probate fee, some are low while others can be a fairly hefty amounts.
How is Probate Fee Calculated?
Again it depends on your state or province, but it is generally a percentage of your estate this includes all your assets such as Investments and properties (Retirement plans, primary residents and plans with named beneficiary are not included). All your assets are added up and the probate fee is based on that, sometimes this can take away a hefty portion of your estate. There are legal ways to reduce the amount of probate fee paid, but we’ll discuss this next week.
Probate fees and rules will vary from province to province and state to state, I highly recommend you speak with an estate lawyer or planner for more details.
Here is a list of all the state probate courts, just find your state and follow the link for detailed information.
Probate Fee Schedule for Canadian Provinces (From Scotiabank)
|$25 for estates under $10,000.|
|$100 for estates between $10,000 and $24,999|
|$200 for estates between $25,000 and $124,999|
|$300 for estates between $125,000 and $249,999|
|$400 for estates of $250,000 and over|
|$0 for estates under $10,000.|
|$208 for estates between $10,001 and $25,000|
|$6 for every $1,000 or part of $1,000 by which the value of the estate exceeds $25,000 but is not more than $50,000|
|Plus $14 for every $1,000 or part of $1,000 by which the value of the estate exceeds $50,000.|
|$70 for the first $10,000, plus $7 for every $1,000 thereafter|
|$25 for the first $5,000|
|Progressive to $100 from $5,001 to $20,000|
|0.50% over $20,000|
|$85 for the first $1,000 and $5.00 per $1,000 thereafter|
|Plus $50.00 for the Order|
|Value of all property, real and personal, within the Northwest Territories, after deducting all debts and liabilities against that property.|
|$10,000 or under|
|More than $10,000 but not more than $25,000|
|More than $25,000 but not more than $125,000|
|More than $125,000 but not more than $250,000|
|More than $250,000|
|$74.76 for estates not exceeding $10,000|
|$187.97 for estates exceeding $10,000 but not exceeding $25,000|
|$312.92 for estates exceeding $25,000 but not exceeding $50,000|
|$875.76 for estates exceeding $50,000 but not exceeding $100,000|
|$875.76 for estates exceeding $100,000|
|Plus $14.79 for each additional $1,000 of fraction thereof in excess of $100,000|
|$5 on each $1,000 for the first $50,000 and $15 per $1,000 thereafter|
Prince Edward Island
|$50 for estates up to $10,000|
|$100 for estates between $10,001 to $25,000|
|$200 for estates from $25,001 to $50,000|
|$400 for estates from $50,001 to $100,000|
|$400 plus $4 for each $1,000 or fraction thereof in excess of $100,000|
|Please note that there is also a 0.2% closing fee.|
|$100 for non-notarial will|
$100 (non-notarial will)
|$0 for notarial will (notarial wills do not need to be probated)|
|$7 on each $1,000|
|No fee is payable to obtain a Grant of Letters Probate and Administration where a person dies leaving an estate not exceeding $25,000 in value.|
|To obtain a Grant of Letters Probate and Administration where a person dies leaving an estate exceeding $25,000 in value, there is a fee of $140|