In the United States, there are over 800,000 lawyers who practice all forms of law.
One area of law that almost everyone comes into contact with is probate law. When you’ve lost a loved one, the last thing you want to think about is the law. To help administer and execute the will of the deceased, a probate lawyer is often brought in.
Anytime a lawyer is needed, there is the issue of cost. So, what about probate attorney fees?
Legal Fees
In order to execute a will or administer an estate, a lawyer must spend time on the case. In turn, you have to pay the attorney for the time they invest. There could also be filings or proceedings depending on how contentious the probate process becomes.
Attorneys have various ways of assessing and collecting fees based on their services. For probate law, there are three primary ways they are paid. Which one is appropriate for your situation will depend on how your lawyer works and whether they give you the option.
Hourly Rate
In the case of a small or easy probate process, a lawyer may require you to pay them by the hour. The price of a lawyer’s hourly rate will depend on their agreed rate and the area you live in. For most cases, you can expect the rate will cover the work of their legal assistants too.
These arrangements can be cheap, but if there are complications, they can increase. You should expect to pay between $200-$300 per hour.
Flat Fee
An attorney may wish to charge based on a flat rate that they calculate. This flat fee will cover all of their services and overhead. In the area of probate legal fees, you can expect that the complexity of the case will also increase the amount charged.
In cases of flat fees, you can expect that $4,000 – $7,500 are conservative estimates for easier cases.
Percentage of Estate
Lawyers who are involved in complex, difficult probate matters often require a percentage of the estate’s value. This is often assessed as up to 5% of the total value of the estate. This can change depending on where in the country you live and the size of the estate.
Probate Attorney Fees
When determining probate attorney fees, a lot rests on how complicated the proceedings are. To lessen the financial burden, you may consider using estate planning attorneys. This will ensure that the process goes as smoothly as possible and costs loved ones less to adjudicate.
What’s Best for You
Only you can decide which way is best for you and then find an attorney that accepts that method of payment. Probate attorney fees can become quite significant, with probate costing thousands of dollars.
Don’t wait until the last minute to settle your estate. Contact an attorney and figure out how to set up your will and the estate today.
If you enjoyed what you read, be sure to browse our website to find more great advice.
