Arizona Notice Probate

The total value of the estate's personal property must be less than $75,000. you must wait at least 30 days after death, and. the estate must not be going through formal probate.

Executor's remuneration: 3.5% calculated on the gross value of assets as at death. income collection fee: 6% calculated on all post-death revenue.

Under California Probate Code, the executor typically receives 4% on the first $100,000, 3% on the next $100,000 and 2% on the next $800,000, says William Sweeney, a California-based probate attorney. For an estate worth $600,000 the fee works out at approximately $15,000.

Some probate specialists and solicitors charge an hourly rate while others charge a fee that is a percentage of the value of the estate. This fee is usually calculated as between 1% to 5% of the value of the estate, plus VAT. The table below is an example of how much you could end up paying for their service.

Generally, personal representative (executor) compensation is based on a reasonable $25 to $50 hourly rate standard.

Depending on whether the probate is formal or informal (whether it's contested or objected to by other relevant parties), it can take between six months to over a year to close the estate. Informal Probate is usually wrapped up within 6 to 8 months. Formal Probate may take a year or more to settle and close the estate.

As long as there aren't any contests to the will or objections to the executor's actions, the executor will be allowed to settle the estate at the conclusion of the four-month waiting period. That means an executor who is on top of their responsibilities could theoretically wrap up probate in as little as four months.

In informal probate, there is minimal court supervision and no court proceeding. Rather a court officer, known as a Registrar, can act without a hearing to validate the will, appoint a personal representative, and close the estate.The majority of probate proceedings in Phoenix, Arizona are informal.