If a loved one dies without a will in Tennessee, their estate will have to go through probate. Even if they did leave a will behind, you might have to deal with probate in certain circumstances. Probate is a necessary process, but it comes with its share of fees.
How much does probate cost?
Probate requires various services throughout the process. You’ll have to pay an initial fee to start probate, then pay additional court fees as you fill out paperwork. If you hire a probate attorney, you’ll also have to use part of the estate to pay for their services.
The executor of the estate also receives a fee. If this is you, you might be paid a percentage of the estate’s value. You’ll also have to pay accounting fees if you’re dealing with stocks, savings bonds, investments, taxes and other financial issues. You might need to hire someone to help you file an estate tax return.
You’ll also need to hire someone to value the decedent’s assets. This could include properties, vehicles, jewelry, fine art, collectibles and other properties that they owned at the time of their death. Appraisal fees can cost a few thousand dollars if the decedent had a lot of luxurious assets.
Should you hire an attorney during this time?
Hiring an attorney might cost more money, but it could also make the process much easier. If you’ve never been the executor of an estate before, you might have no idea where to begin. An attorney could guide you through the process and help you honor your loved one’s memory by taking care of their estate. Your responsibilities could include distributing assets, filing estate taxes, paying off debts, selling properties and locating the will.