Percentage of estate vs. hourly charge?
6 attorney answers
I agree with the other responses, and specifically endorse Attorney Holland's thoughts. The fee you were quoted strikes me as somewhat of a bargain, assuming the attorney has expertise in estate administration. Best of luck, and my condolences for your loss.
I tend to charge one of two ways: Hourly or on a fixed fee basis. I give the client an estimate of the fixed fee based on the size of the estate and my hourly rate and I let them decide. The fee you were quoted: $30,000 for a $2,000,000 estate is $15,000 LESS than my fixed fee. If the attorney that you spoke with practices exclusively in the area of estate planning and estate administration, then that is a very good price. If the attorney that you spoke to is more of a general practitioner who "dabbles" in estate administration, you might be paying too much. Ask what percentage of his practice is devoted to estate planning and estate administration.
Paul Holland.
Stonington, CT
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The fee by percentage has I would say fallen out of favor to be replaced by hourly billing or a flat fee not based on percentage. If the executor is well organized and provides information readily to the attorney that greatly assists the administration. The complexity of the estate (assets, heirs, claims etc.) also affects the fee. Shop around as others have suggested.
This information is provided for educational purposes and does not constitute legal advice, and no attorney-client relationship is formed. You should retain an attorney to receive legal advice on your particular situation.
Most attorneys in Conn charge by the hour for estate work. I charge by the hour. Depending on the estate it can be lots of work or maybe ten or fifteen hours or so. It also depends on how much work the executor does. If the executor feeds the right numbers to the attorney and can do what needs to be done in an excel sheet or can feed the right numbers to the attorney it takes less time. If the executor comes into the office with a brown bag full of receipts, it takes considerably longer. Also the estate may involve the sale of real estate. The attorney may have to deal with problems encountered here. It all depends on much work there is to do in each estate.
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