Legal Question in Wills and Trusts in Maryland
Is there any limit to the amount spent on settling an estate
1 Answer from Attorneys
Administrative costs will vary greatly with the particular estate and there is no set fee. For instance, some estates will involve paying taxes and upkeep on property for many months while it is on the market. Other estates will require extensive appraisal fees or costs to clean out / clean up property. Probate taxes, while relatively modest, will vary with the size of the estate. Certain other costs, like costs of newspaper publication and so forth are not fixed but have a standard range.
What IS set by statute is the percentage payable to the Personal Representative. This is set by statute at 3.6% of the estate (with a higher percentage of 9% for the first $20,000.).
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What's the average cost for the preparation of a simple will? Asked 8/17/15, 8:47 am in United States Maryland Probate, Trusts, Wills & Estates