what is reasonable compensation for probate attorney

by Jess Hessel Published 3 years ago Updated 1 year ago 5 min read

There is no exact value considered reasonable compensation, but rather, the probate court gives the following guidelines if a dispute arises:

The gross income of the trust estate;
The success or failure of the trustee’s administration;
Any unusual skill, expertise, or experience brought to the trustee’s work;
The fidelity or disloyalty shown by the trustee;
The amount of risk and responsibility assumed by the trustee;
The time spent in the performance of the trustee’s duties;

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Typically, the probate court will find executor compensation reasonable if it is in line with what people have received in the past as compensation in that area. For example, if in the last year, executor fees were typically 1.5%, then 1.5% would be considered reasonable and 3% may be unreasonable.

Full Answer

What is reasonable compensation in a California probate case?

Again, If the trust document does not specify a trustee’s compensation, then the Trustee is entitled to “reasonable” compensation for the work and time provided. You will hear numbers between 1% to 2% for a Trust estate that is settled within one year based on …

What is “reasonable compensation” in estate planning?

Nov 22, 2019 · A reasonable attorney fee for probate for an estate with a value of $40,000 is $1,500. A reasonable attorney fee for estates that have a value between $40,000 and $70,000 is $2,250. A reasonable attorney fee for estates that have a value between $70,000 and $100,000 is $3,000. A reasonable attorney fee for estates that have a value of over $100,000 is $3,000 plus …

What are extraordinary fees in California probate court?

What is the value of reasonable compensation?

How does a probate lawyer get paid?

A probate lawyer's fees are paid for by the estate, not by the executor or administrator. Many probate lawyers charge an hourly rate, which varies by location as well as by how specialized and/or experienced the attorney is (the more specialized and/or experienced, the higher the rate).Jul 10, 2017

How much does an executor of a will get paid?

The executor is entitled to the following fee: on the gross value of assets in an estate: 3,5%; on income accrued and collected after death of the deceased: 6%

What is the executor of a will entitled to?

In other words, an executor's powers arise from the will and not from the grant of probate. Therefore, a sole executor or, where there is more than one executor, all executors jointly, subject to adequate verification of identity, are entitled to the original will from the date of death.

Does an executor have to show accounting to beneficiaries?

To summarize, the executor does not automatically have to disclose accounting to beneficiaries. However, if the beneficiaries request this information from the executor, it is the executor's responsibility to provide it. In most cases, the executor will provide informal accounting to the beneficiaries.Dec 24, 2021

What does an executor have to disclose to beneficiaries?

One of the Executor's duties is to inform all next of kin and beneficiaries of: The deceased's death; The appointment of themselves as an Executor/Administrator; Their inheritance – be it a specific item, cash sum or share of the estate.

How is a deceased estate distributed?

If the deceased did not have a spouse or children, his/her parents, aunts/uncles and/or siblings will inherit from his/her deceased estate. If the deceased did not have a spouse, children, parents, aunts/uncles and siblings, his/her relatives most closely related to him/her will inherit in equal shares.

What funeral expenses can be deducted from an estate?

Furthermore, funeral expenses are deductible for Inheritance Tax purposes. This includes costs such as flowers, a headstone, crematorium fees, a wake or payments to a Rabbi.Jul 12, 2021

Can an executor of a will also be a beneficiary?

When making a will, people often ask whether an executor can also be a beneficiary. The answer is yes, it's perfectly normal (and perfectly legal) to name the same person as an executor and a beneficiary in your will.Aug 11, 2021

Who pays the beneficiaries of a will?

executor11. Can an executor refuse to pay a beneficiary? The executor is responsible for paying out to all beneficiaries and must follow the instructions in the will.Nov 25, 2021

Can beneficiaries demand to see deceased bank statements?

Some times beneficiaries want to see more detailed documents such as a Deceased's bank statement or pension documentation. Strictly speaking a beneficiary has no entitlement as of right to such documentation and it is your discretion as Executor whether or not to disclose it. The nature of the beneficiary's interest.Jun 19, 2019

How long does an executor have to distribute assets?

Once they have realised the assets of the estate (which in itself can take some time), usually executors and administrators are advised not to make a distribution to the beneficiaries for at least six months, or better still, ten months.Mar 4, 2021

Can an executor refuses to pay beneficiary?

If an executor/administrator is refusing to pay you your inheritance, you may have grounds to have them removed or replaced. However, there may very well be legitimate reasons for the delay. Particularly, during the ongoing Covid-19 crisis.May 18, 2020