Bearing a loss of a loved one comes with great agony and responsibility. On one side, you feel drained, lamenting the loss of your near one, and on the other side lies the responsibility of settling the estate. However, the scenario becomes a bit defined when the deceased leaves behind a valid will, making it easier for you to follow a strict, laid-out legal procedure to get done with their estate settlement.
Also another concern that sticks in your mind is to do a cost analysis of how much the process would cost. And while you’re reading this blog, we seek the liberty to assume that you typed ‘How much does probate cost in Queensland’ in your search query to reach an estimated figure you would require to entertain the probate proceedings.
Also, If you somewhat want an overview of how probate takes in New South Wales, here is a fair shot at answering all your concerns.
The Estimated Cost involved in carrying out the Probate Proceedings
Whole in whole, there are 3 significant items in the list of expenses that you need to incur as you apply for probate proceedings.
Cost of advertising – ‘Notice of Intention’
First is the cost of advertising the ‘Notice of Intention’ that you need to run for 14 days to announce that you are in the process of applying for the grant of probate. Following a standard format of the advertisement, fill in the column like the deceased’s full name and the other details of his date of passing, executor’s name, and so on, and then publish the ad on the legal registry.
The cost comes out between $0 to $350 depending upon the territory you’re running the ad from. For instance, If you are running the ad from the New South Wales region, the cost you are required to pay would be somewhere near $48 to list your ad.
Legal Fees for filling the Probate Application in the Court
Second is the filing fee required by the court to admit the probate application. Here the filing fee depends upon various factors and varies from case to case. The first factor that influences the court fee is the state from where you are following the probate proceedings.
Some states have kept a flat fee for entering the probate application, whereas others charge a proportional amount from the total value of the deceased’s estate. You can thereby pay the expenses through the bank cheque in favour of the court to get started with the process.
Say, for instance, if the case relates to New South Wales and the estate value is less than $100,000, there would be no filing fee to register your probate application. Likewise, if the estate value is between $ 100,000 to $ 249,999, the probate fees would cost around $772. For the highest slab of the estate value of $ 5,000,000 or more, the probate fee would be about $5498.
Cost of Hiring Probate Consultants
And the final expense is about paying the probate consultants for rendering their services and doing the entire paperwork to settle the final claims. The services in most cases include the overall charge from drafting the probate application to providing the requisite replies to the court orders. The consultants then work on your behalf and carry out the required processes to smoothly sail you through the probate proceedings. That’s why it’s in the client’s best interest to seek professional help to fully and timely comply with the legal procedures while justifiably moving across the legalities of the probate.
The cost of hiring professionals may vary from firm to firm but lies within a bracket of $800 to $10000, depending upon their expertise and brand value.
The other miscellaneous costs involve the cost of postage, documentation, and acquiring a death certificate that may or may not be included within the cost of consultants, depending upon your agreements with them.
Although it’s completely up to your discretion to hire probate consultants, it is still best to hire legal assistance to save yourself from the hassle of complex procedures and compliances concerning the estate’s disposal.
Also, the total cost incurred is reimbursed from the deceased’s value of assets once the process is completed.
To Summarise
Following the entire legal procedure, yourself can be cumbersome. Therefore, hiring an expert consultant to take timely actions helps you remain compliant while remaining stress-free.
If you are floating in a similar situation and are looking for reliable and expert consultants to handle your case, Probate Consultants is one name that assures quick and hassle-free proceedings, bringing into application their sharp acumen and years of practice.
So, don’t hesitate to reach out for their professional assistance.