Legal Question in Wills and Trusts in New York
What kind of estate fees should I expect to pay for a fairly simple estate.
The estate is valued at about $450,000. My late fathers friend is handling the estate for free. However, we , his heirs, want the man to be compensated fairly but not overly. I am resonably sure it is a straighforward and uncomplicated job as my father had everything in good order.
Thank you in advance.
1 Answer from Attorneys
Re: What kind of estate fees should I expect to pay for a fairly simple estate.
You do not say if the friend is an attorney or was named executor in the Will. If either or both, these fees are set by statute (although while the executor's fee is specified as a percentage of the probate estate (those assets passing under the Will and not by asset registration or beneficiary designation). Fees for an attorney are just specified as being "reasonable". Statutory executor fees are 5% of the first $200,000 ($10,000) and 3.5% from $200,000 to $1,000,000. Many attorneys just charge a hourly fee, based upon the time they expend. Usual fees are about $250 or so an hour. If the friend is merely helping, not in a capacity as executor or attorney, any "honorarium" falling within these guidelines would be appropriate. If the work was simple, and required little "effort" more than guidence, a few thousand dollars might be reasonable.