Estate Costs | Prahran Will & Estate Lawyers


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Estate Costs
Managing an estate brings with it different sources of costs. Income tax: This will be payable on income earned by the estate until all the assets have been distributed. Legal fees: Lawyers' costs for assisting the executor are set by a scale and will depend on the size of the estate. Your lawyer will advise you of this scale. Executor's commission: An executor is entitled to claim all costs and expenses incurred in administering the estate. The executor can also apply to the Supreme Court for an executor's commission of up to 5% of the value of the estate if the administration is particularly complex and time consuming. Trustee companies: Trustee companies are entitled to charge a commission of up to 5.5% of the total value of the estate for administering the estate. They can charge up to 6.6% on all income received by the estate. Some small estates may be administered by the Small Estates Office for a small fee. Small estates do not exceed $25,000 where the beneficiaries are not the spouse, children or sole surviving parent or $50,000 where they are.