Many attorneys charge by the hour for probate or other estate administration work (typically in smaller increments like one-tenth of an hour, or six minutes). In our survey, six in 10 readers said the estate paid attorneys an hourly rate.
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Jul 29, 2019 · More than half (58%) of the probate attorneys in our national study reported that they offered free consultations. The typical time for these initial meetings was 30 minutes, though the overall average was higher (38 minutes). So when you’re looking to find a good probate lawyer, ask the potential attorneys whether they offer a free initial consultation. Even if they …
Dealing with the task of distributing a loved one’s assets can be mentally and emotionally draining. If you require assistance petitioning summary administration, contact us today. Our attorneys are standing by and are ready to help you uphold your loved one’s wishes. Call us today at 727-933-0015 for a case review.
In our survey, more than a third of readers (34%) said that their lawyers received less than $2,500 in total for helping with estate administration. Total fees were between $2,500 and $5,000 for 20% of readers, while slightly more (23%) reported fees between $5,000 and $10,000.
The total fees that estates paid for legal services were based on one of three types of fee arrangements charged by attorneys for probate and other estate administration work: hourly fees, flat fees, and fees based on a percentage of the estate’s value.
More than half (58%) of the probate attorneys in our national study reported that they offered free consultations. The typical time for these initial meetings was 30 minutes, though the overall average was higher (38 minutes).
Most Cases – Around $400 per hour. For most cases, probate lawyer fees are calculated by the hour. The average rate is about $400 an hour, and it varies by the attorney’s expertise and reputation. Attorneys typically require a retainer deposit of about $4,000 to get started.
Contingency: The advantage of an hourly case over a contingency case is that the client keeps the entire share of the estate that they are entitled to, paying only hourly probate lawyer fees. Let’s say you’re fighting for a $1 million share of an estate. If you win, it would have been worth it to pay probate lawyer fees in the amount of $50K, as opposed to giving the attorney 1/3 of the $1 million. But if you lose and get nothing from the case, you would have been better off with a contingency, paying a probate lawyer fee of $0, as opposed to paying them $50K. If you didn’t have $50K in the first place, the contingency arrangement might have been your only option anyway.
A flat fee is a way to bill for a straightforward probate or administration case. A fee can be set as a percentage of a case or as a set amount, which is the same idea. For example, 5% or $30,000.
Law firms don’t accept “capped fee” arrangements, where they work for an hourly fee but the total amount billed is capped at a certain number. For example, you can bill by the hour, but the total cannot be more than $30,000. A capped fee would give a client a strong incentive to push a case further than it needs to be pushed and to decline a reasonable settlement, to their detriment. It also gives a law firm an incentive to limit their work, which is not always great for the client. A capped fee arrangement skewers the incentive system and is detrimental to both attorney and client.
A contingency fee is deducted from the recovery the attorney gets for the client. The amount the contingency fee is usually 1/3 of the recovery, plus expenses such as expert fees and court reporters. If the case does not win, the attorney does not get anything.
What is a Florida Summary Administration? In Florida, the Summary Administration procedure is used in a limited number of circumstances, including for (1) for smaller estates or (2) for those estates where the decedent has been dead for more than 2 years.
The Florida Legislature has recognized that some estates do not need to go through the formal probate process – these estates are allowed to proceed under Florida probate law as a Florida summary administration.
Not every Florida probate case is treated the same under Florida probate law. The Florida Legislature has recognized that some estates do not need to go through the formal probate process – these estates are allowed to proceed under Florida probate law as a Florida summary administration.
In it, the deceased person’s estate is listed, as is the value of the entire estate and who will inherit the assets.
This means that there are multiple methods of administrating probate in Florida.
Julie Ann Garber is a vice president at BMO Harris Wealth management, a CFP, and has 25 years of experience as a lawyer and trust officer. Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.
Most estate planning attorneys don't charge a fee for the initial meeting, but this is by no means a universal rule. Don't be surprised if the attorney does charge a small fee for sitting down with you for the first time. It can go either way.
A set dollar amount typically covers the initial meeting—if you end up retaining the attorney's services—as well as preparation of basic documents, review of documents, and signing of documents.
A flat fee is a composite of the attorney's standard hourly rate and how many hours he thinks he'll have to invest in your case to resolve it. Ask what that hourly rate is, and find out how much you'll be charged for the services of other attorneys and paralegals in the firm.
It's common these days to handle a significant amount of business by telephone. Consider setting up telephone interviews with at least two estate planning attorneys before meeting in person. This will save your time and the attorney's time...if she's willing.
Ask an attorney who's going to charge you more than another exactly why his fee is so much higher. Some attorneys are in the business of selling estate plans in bulk, while others are truly interested in giving you a high-quality estate plan and becoming your advisor for life.
Your goal shouldn't necessarily be to find the cheapest attorney. Think about how comfortable you feel with each, because you'll have to be open and honest when discussing the most intimate details of your personal life and finances with this individual. Sometimes you have to go with your instincts.