how much should i pay as an executor of an estate for an attorney to represent me

California, as one example, allows 4% of the first $100,000 of the estate, 3% of the next $100,000, 2% of the next $800,000, and so on. (Cal. Prob. Code § 10800.) For a $1 million estate, this means an executor can charge $23,000. The value of the estate is its gross appraised value—for purposes of calculating the fee, debts are not subtracted.

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How are executor’s legal fees paid for an estate?

If you do not denote compensation for your executor, California’s court system might step in to decide how much the executor is paid. This, too, will be a percentage—4.0 percent for the first $100,000 in the estate, 3.0 percent for the next $100,000, and so on. Paying Your Executor. The work your executor does on your behalf is important—and it can be time-consuming. For many, …

Can I hire an attorney to represent me as executor?

For a $1 million estate, this means an executor can charge $23,000. The value of the estate is its gross appraised value—for purposes of calculating the fee, debts are not subtracted. So if the estate includes a house appraised at $1 million, but the house has a $400,000 mortgage, the fee is based on the $1 million figure, not the actual value in the estate.

What percentage of an estate does an executor get?

There are a few different ways you can approach the payment of an executor. The writer of the last will and testament may decide that the executor should receive a percentage of the estate as compensation for their services. Alternatively, they may be paid by the hour. Another option to consider is flat fee compensation.

How much should you pay as an executor in Kentucky?

Jun 15, 2016 · In general, executor’s legal fees are paid for out of the estate funds. Additionally, in New York, there is no set amount of attorney’s fees, but rather those fees need to be reasonable. The payment of attorney fees has to take place before gifts are given out to the beneficiaries as with other creditors such as funeral homes or credit cards.

How much do lawyers charge to wind up an estate?

Executor's fees are given in terms of the administration of deceased estates act. Currently the fee is 3.5% on the gross value of the estate. This is the fee the executor charge to wind up the estate of a deceased person.

How does a probate lawyer get paid?

Lawyers usually use one of three methods to charge for probate work: by the hour, a flat fee, or a percentage of the value of the estate assets. Your lawyer may let you pick how you pay—for example, $250/hour or a $1,500 flat fee for handling a routine probate case.

How much does a solicitor charge to execute a will?

Some probate specialists and solicitors charge an hourly rate, while others charge a fee that's a percentage of the value of the estate. This fee is usually calculated as between 1% to 5% of the value of the estate, plus VAT.

How much does it cost for solicitor to do probate?

The fees for probate and estate administration can vary widely depending on who does it, whether that be a solicitor, probate specialists or a bank. The cost for these range between 2.5 to 5% of the value of the estate.

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Deciding Whether or Not to Accept a Fee

Many people wonder, "Should I take an executor's fee?" They might feel uncomfortable accepting payment for helping out family members during a tough time. And there's nothing wrong with serving as an executor without pay.

Determining the Executor Fee

If the will does not set out a fee and you decide to collect a reasonable fee, it's up to you to determine what's reasonable under the circumstances. The probate court is unlikely to argue with your bill unless a beneficiary of the estate objects.

What is the role of executor in a will?

Executors: Ensure proper distribution of the assets, according to the will, after the bills have been paid. Of course, if the will is contested, the executor must also defend it in a court of law. Executors also have a fiduciary duty and must make certain they document their work and their decisions.

How long does it take to execute a will?

These tasks involved in probate, the process of proving and executing a will, can take several months to complete and take time away from the executor's personal responsibilities.

When does the executor of a will get paid?

Typically, the executor gets paid after all the bills of the estate have been taken care of. They are paid before the remaining assets are distributed to the designated beneficiaries. The probate court usually reviews the case to ensure all debts have been paid before approving payment to the executor of the will.

What is the job of executor of deceased person's estate?

The executor of a deceased person’s estate is a fiduciary, someone legally and ethically bound to manage assets in the best interests of another party. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. Unfortunately, the obligations that appear urgent may in fact be less important than others you may not yet be aware of.

Can you lend money to an executor?

When serving as an executor, particularly for a close family member, it is easy to be somewhat casual with assets, especially personal property. Never lend or give anyone (including yourself) estate funds or let them use the estate’s debit card. Likewise, secure other tangible assets.

What are some examples of executors?

One example is paying bills. As executor, the deceased’s mail has probably already started coming to you, and that mail likely includes bills: medical bills from the last illness, utilities, credit card bills, and so forth. As a diligent executor, you may think you have to pay these bills immediately to keep the finances ...

What to do if you don't pay bills?

If you don’t pay all bills immediately, what do you do? When you receive a bill, you can use the information on it to contact the creditor to notify them of the death. But what about creditors who don’t send monthly bills?

What happens if you don't file a claim?

If they don’t file a claim within that time period, it is barred. However, if an executor or personal representative does not take the proper steps to give notice, creditors may be able to demand payment after the executor believed the claims period was closed.

What is a fiduciary?

As a fiduciary, you are obligated not only to act in the best interests of the estate and its heirs, but to thoroughly document your actions. This seems obvious in the abstract, but in real life, it is easy to let things slip or to assume that because you have good intentions, everything will work out.

What happens if you fail to do probate?

If you fail to do so, you could unnecessarily extend the length, and the expense, of the probate process. You may be uncomfortable with the process of filling out schedules, documenting receipts and disbursements, and using accounting and balance sheets.

What are fiduciary duties?

Also, before answering the question, it is helpful to have an idea of some common activities created by fiduciary duties in the context of probating an estate: 1 Duty to communicate: a duty to notify the beneficiaries the estate exists, identify the Executor, provide a copy of the inventory, provide copies of court filings, generally explain documents that require a beneficiary’s signature, etc. This duty to communicate is not the same thing as an attorney-client relationship, which means there is no attorney-client privilege and the attorney cannot give legal advice. 2 Duty to account: provide regular estate accountings, which includes explaining funds paid out of estate accounts for expenses. 3 Duty to treat all beneficiaries equal: distribute estate funds at the same time, if a question arises as to how something in the Will is to be interpreted the attorney cannot interpret it, the court must interpret it.

What is the first step in probate?

Whether you are the Executor or an heir of the probate estate, knowing the lawyer’s role is one of the first steps you should take at the beginning of the probate process. One of the biggest sources of conflict in probating the estate is understanding the role of the lawyer hired by the Executor of a probate estate.

Do lawyers have fiduciary duties?

Only a few states require the lawyer to meet the same fiduciary duty to the estate heirs as the Executor. These states believe that since the Executor owes a fiduciary duty to the heirs and the lawyer owes a fiduciary duty to the Executor, the duty flows from the Executor to the lawyer. Most states, however, take the position ...

What is the duty to communicate?

Duty to communicate: a duty to notify the beneficiaries the estate exists, identify the Executor, provide a copy of the inventory, provide copies of court filings, generally explain documents that require a beneficiary’s signature, etc. This duty to communicate is not the same thing as an attorney-client relationship, ...

How to plan for estate?

Tips for Planning Your Estate 1 Larger estates may be subject to estate taxes. If you don’t want your estate gobbled up by taxes, plan ahead. You can gift portions of your estate in advance to heirs or set up a trust. 2 When in doubt, get help. Estate planning can be tricky, especially as your estate grows in size. Don’t hesitate to find a financial advisor or an attorney to help you get your affairs in order and build a financial plan that provides for you and your family.

What does an executor do?

An executor has the authority from the probate court to manage the affairs of the estate. Executors can use the money in the estate in whatever way they determine best for the estate and for fulfilling the decedent’s wishes. Typically, this will amount to paying off debts and transferring bequests to the beneficiaries according to the terms ...

Where does Hunter Hunter live?

He graduated from the University of Notre Dame and currently lives in New York City.

Can beneficiaries contest a will?

Beneficiaries may disagree with the contents of a will or decisions that executors make. It’s important to note here that attempts to contest a will that the deceased has signed and properly written rarely succeed. In most cases, beneficiaries can’t go to the court and contest an executor simply because they disagree with one or more ...

What happens if an estate is insolvent?

This is what’s called insolvency. If the estate is insolvent, the executor will decide how to readjust things such that all debts can be paid. This could involve reducing inheritances or liquidating large assets.

Can you gift an estate to a trust?

Larger estates may be subject to estate taxes. If you don’t want your estate gobbled up by taxes, plan ahead. You can gift portions of your estate in advance to heirs or set up a trust.

What are some examples of executor misconduct?

Examples include a failure to record the will in probate court; failure to pay estate debts; using estate funds for personal expenses; and failure to distribute assets according to the will. If you can prove to the court that the current executor is incompetent or mishandled the affairs of the estate, ...

Geneva Nicole Perry

You should consult with counsel about assistance with administration which may include removal of your brother as co-executor. Whether the court would grant the request would depend in part on what steps he has taken (or not taken) that thwart orderly administration.

James P. Frederick

Yes, you CAN hire an attorney, and you really SHOULD, under these circumstances. Your lawyer would represent you. He/she cannot represent "the estate" because the estate does not need representation.

Michael S. Haber

While I can't advise you as to your state's laws (because I am a NY attorney), I can tell you that it is the job of the executors to hire counsel, and I can't see how one co-executor can hire an attorney for the estate without the approval of the other co-executor...