This tool helps you quickly estimate probate fees based on the estate’s value.
How to Use the Probate Calculator
This probate calculator helps you estimate the share of the estate each beneficiary will receive after settling debts, funeral costs, and various fees.
To use the calculator:
- Enter the total value of the estate.
- Enter the total amount of debts owed.
- Enter the funeral costs.
- Enter the executor fees as a percentage of the estate value.
- Enter the attorney fees as a percentage of the estate value.
- Enter any other fees that need to be subtracted from the estate.
- Enter the number of beneficiaries.
- Click the ‘Calculate’ button to see the result.
The calculator displays the amount each beneficiary will receive after all the deductions.
Explanations and Limitations
The calculator uses the following formula to compute the result:
Net Estate = Estate Value – Debts – Funeral Costs – (Executor Fees + Attorney Fees) * Estate Value / 100 – Other Fees
Amount Per Beneficiary = Net Estate / Number of Beneficiaries
Limitations:
- The calculations are based on the values you input and assume all fields are correctly filled.
- This tool provides an estimate and may not account for all potential fees or circumstances.
- Consult a probate attorney for a comprehensive evaluation.
Use Cases for This Calculator
Calculate Total Estate Value
Enter the value of all assets including real estate, vehicles, investments, and personal belongings to get a quick and accurate total estate value estimation.
Determine Probate Fees
Input the total estate value and the calculator will automatically compute the probate fees based on the specific percentage rates applicable in your region, giving you a clear breakdown of the costs involved.
Account for Debts and Liabilities
Factor in outstanding debts, loans, and liabilities to the estate value to calculate the net value that will be subject to probate, providing a comprehensive view of the financial obligations.
Estimate Executor’s Commission
Specify the percentage rate for the executor’s commission and enter the total estate value to quickly determine the amount that will be allocated as compensation for the executor’s services during probate.
Identify Inheritance Tax
Include any inheritance tax rates applicable in your jurisdiction along with the estate value to instantly generate the amount owed in taxes, ensuring accurate planning for tax liabilities.
Calculate Legal Fees
Input the legal fees charged by attorneys for probate services and the calculator will compute the total costs associated with legal representation, aiding in budgeting for legal expenses.
Adjust for Funeral Expenses
Subtract funeral costs from the total estate value to account for these expenses before calculating probate fees, providing a more precise estimation of the assets subject to probate.
Estimate Timeframe for Probate Process
Based on the complexity of your estate and jurisdictional requirements, the calculator can provide an approximate timeframe for completing the probate process, allowing for better planning and expectations.
Consider Additional Costs
Factor in any additional costs such as appraisals, court fees, or professional services to get a comprehensive overview of the expenses involved in the probate process for better financial planning.
Review Probate Summary
After entering all relevant information, review the detailed probate summary provided by the calculator, which includes a breakdown of all costs, taxes, and fees associated with the probate process for a complete financial picture.