Legal Question in Wills and Trusts in New York

Re: Attorney as estate executor

I agree with Rudolph, and his commission calculation, but add some additional matters. The executor's commission is set by statute, but attorney's fees need only be reasonable (no formula). Talk to a good estate/trust attorney and be sure to talk about fees as well. If your estate is simple (no problem assets, like businesses to be run, evaluated and possibly sold, or complicated real estate holdings) the time and work involved might be only be a few hours, and the commission might be a windfall. Probate, which can be a large cost, might be reduced by how you register your assets, and to whom they might go. There are many questions that you have not specified facts about that bear on what could be done and how costs can be contained. If you decide that using an attorney is the best route, you could contact the local Bar Association which usually has an attorney referral service and could recommend several good attorneys. Interview them all, and ask about suggestions and alternatives that could be done to keep the fees low. You might even consider a living trust, which could totally eliminate or vastly reduce probate costs. Note: this is a response to an Internet question and the reply is not intended to be legal advice or create an attorney-client relationship.

Re: Attorney as estate executor

Simply because you don't have a relative that you trust to act as your executor does not mean that you must use an attorney. Perhaps you have a trusted friend that you may appoint. However, if you appoint an attorney, you should choose an experienced trust & estates lawyer. As for fees, the executor is compensated according to a statutory schedule and the amount is calculated on the size of your estate:

5% of $100,000

4% next $200,000

3% next $700,000

and so on.

Finally, it is not wise to prepare your own Will. Have an attorney prepare a proper Will for you. The cost is minimal. For example, I charge $500.00 for a simple Will and include a Living Will, Health Care Proxy and Power of Attorney.