Legal Question in Wills and Trusts in New York
Atty. Fees for more complex case
I have a situation where a live in girlfriend maxed out my stepfather's credit cards and emptied both of his bank accounts. I have a will naming myself as primary beneficiary. My aunt from Denver is named as executrix. The entire value of the estate is the house & property - probably about $250,000. An atty told me that 3%-4% is the usual fee for his services. What's the deal?
2 Answers from Attorneys
Re: Atty. Fees for more complex case
The attorney is quoting you correctly as to
what the Surrogate's Court will allow as a
legal fee The percentages quoted
may be a bit on the small size
This does not prevent a different firm
from charging less if there is less work
That is the practice of my firm, with
discounts ranging up to 50% of the standard
for work not performed or minimized
Re: Atty. Fees for more complex case
Attorney's fees for handling a probate are usually covered by statute, although they are entirely negotiable. The executor has the right to select the attorney. Your aunt could renounce her right to serve in favor of you, if you are the only heir, and you could then select the attorney, after meeting with a few and negotiating a fee. If the estate is a simple one, only bank accounts, securities or such, perhaps suggesting an hourly rate might reduce the fees, although a percentage is the usual arrangement, as there might be alot of work involved, even in a simple estate. I am more concerned that you allowed your girlfriend to use his cards and funds and are doing nothing about it.