Legal Question in Wills and Trusts in California
Closing Probate
If the only asset of the decedent's Estate is a house
and the house is sold, is the attorneys statutory fees
based on the gross value (selling price of the house) or
net (the price left after the sales commission is paid to
the realtors, etc.,)
The Estate is in process of submitting closing
documents for the Probate Court in California.
The house was sold outside the Probate Court, with
local real estate agency under the independent
administration act.
4 Answers from Attorneys
Re: Closing Probate
The statutory fees are determined by the gross value of the estate, as shown by the probate referee, plus any profits produced.
Re: Closing Probate
The fees are based on the gross value of the estate (shown on the Inventory and Appraisal), plus any gains on sales over the Inventory and Appraisal value.
Selling real estate can actually result in "extraordinary fees" as well, meaning hourly fees to the attorney and executor for their work in selling the property.
Re: Closing Probate
Statutory attorney's fees are based on the gross value of the estate as listed in the inventory and appraisement, plus any receipts, plus any gains over the appraisal value on sales, and less losses from the appraisal value on sales.
Fees are 4% of the first $15,000, 3% of the next $85,000, 2% of the next $900,000, 1% of the next $9,000,000.
In addition, the attorney is entitled to an hourly fee for extraordinary services, such as sales transactions, litigation and taxes. This fee must be approved by the Probate Court.
If you have any further questions, please feel free to e-mail me or call me at (818) 991-6664. Good luck and thank you for your inquiry.
Re: Closing Probate
It is based on Gross.
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