Natasha Nicole

Informational Fact Sheet

According to the National Funeral Association, the average cost of a funeral with burial is approximately $12,000.00. Choosing cremation can reduce this average cost to around $7,000.00. These figures do not include storage fees or other additional charges that may vary depending on location and transportation requirements.

For estates requiring probate the average cost is around $16,000.00

1. Probate Costs:

• Attorney Fees: Probate proceedings generally require legal representation. Attorney fees can range from a few thousand dollars to significantly more. The cost depends on the complexity of the estate and the attorney’s hourly rate or flat fee.
• Court and Filing Fees: There are different fees involved in the probate process. These include charges for initiating the process, filing necessary documents, and handling other administrative tasks.
• Administrator Fees: If there’s no named executor (personal representative) in a will, the court will appoint an administrator. This person is entitled to compensation for managing the estate.
• Surety Bond: A court-appointed administrator may need to secure a surety bond, a type of insurance to protect the estate, which can add to the costs

2. Unexpected Taxes:

• Estate Taxes: Without proper estate planning, your estate may be subject to federal and state taxes. This can potentially diminish the amount passed on to your heirs.
• Inheritance Taxes: Some states impose inheritance taxes on those who receive assets from your estate. 

3. Financial Uncertainty for Family:

• Frozen Assets: Your assets are frozen until the probate court decides how to distribute them. This situation can potentially leave your loved ones without access to necessary funds for a considerable period.
• Creditor Claims: Your estate may face creditor claims that need to be settled before assets can be distributed to heirs. 

4. Additional Expenses:

• Identifying and Locating Heirs: If heirs are not clearly defined, locating them can require time and expense. This process may include the potential use of investigators or search firms.
• Litigation and Disputes: The absence of clear instructions regarding asset distribution can lead to conflicts. These conflicts often result in legal disputes among family members. This situation adds considerable financial and emotional burdens.

5. Loss of Control over Your Legacy:

• State-Dictated Distribution: Without a will, your assets will be distributed according to state intestate succession laws. This distribution may not align with your personal wishes.
• Lack of Control over Guardianship: If you have minor children, the court will determine their guardian without your input. This could result in an outcome that may not be your preferred choice.