Connecticut probate fees on settling estates – a legal process that determines the authenticity of Wills and the administering of a deceased’s assets –have risen substantially.
Connecticut previously had a cap of $12,500 on probate court fees, regardless of the value of the estate. This maximum fee was reached with an estate of $4,754,000.
Now, with the new legislation, the fee has been increased on estates worth more than $2 million so that the rate on the amount in excess of $2 million is increased from .25% to 0.5% of the excess.For example, under the old fee schedule, the probate fee for $3.5 million was $9,365. But now, with the new schedule, it will be $13,115
Estates totaling less than $2 million will not be affected.
The new fees took effect July 1 as part of the new state budget, and will apply to certain estates of Connecticut residents dying on or after Jan. 1.
If you’re interested in learning ways to protect your assets from probate costs, and from Connecticut estate taxes that range from 7.2% to 12%, give us a call. There are strategies you can implement to minimize the hit.