Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
If you're not paying on an hourly billing fee or a set fee arrangement, the percentage a lawyer gets would depend on your agreement and usually the value of the estate. It could range from 5% for set fee percentages to a bracket based on amount of assets collected.
Percentage of the Estate
One legal fee arrangement for settling an estate is based on a percentage of the estate's value. While not the most common approach, it's often used when the client lacks the funds to hire a lawyer upfront until they can access the deceased's assets, or when the lawyer's workload is substantial, requiring them to assume some of the executor's duties. The exact percentage a lawyer receives depends on the agreement and generally correlates with the estate's value. This can range from a flat 5% fee to a tiered structure, such as 5% of the first $100,000 in assets, 4% of the next $200,000, 3% of the following $700,000, and 2% of the next $2,000,000. In cases where attorneys charge a percentage, they usually manage almost all aspects of the estate administration process, with the executor's primary responsibility being to sign the necessary documents prepared by the attorney.
Hourly Billing Fees
Under an hourly billing retainer agreement, attorneys in New York typically charge clients a minimum of $400 per hour for the time dedicated to their case. The primary benefit of this arrangement is that clients only pay for the legal services rendered, which can be advantageous when dealing with uncomplicated estates requiring limited legal input. However, the main drawback is the unpredictability of the total legal costs, particularly in intricate cases involving probate litigation, such as will contests or discovery and turnover proceedings, where estimating the precise workload is challenging, especially if the matter proceeds to trial. Legal fees can be considerably reduced when executors actively participate in managing estate affairs, including asset collection, creditor negotiations, and beneficiary communications. On the other hand, if the executor is unable to make a significant contribution to the case, or if the estate is complex or entails legal intricacies, hourly legal fees can rapidly escalate, particularly in instances where litigation becomes necessary.
Set Fee Arrangement
In some cases, clients and attorneys may opt for a set fee retainer agreement. This arrangement works well for straightforward estates with no missing or minor beneficiaries. The agreement also outlines situations that could lead to additional legal fees beyond the set amount, such as the emergence of a previously unknown beneficiary or a contested will.
Before approaching an attorney, it's crucial to understand the scope and complexity of the legal work you anticipate needing. This will help in determining the most suitable fee structure, whether it's based on a percentage, hourly billing, or a set fee. When seeking legal representation for an estate, it's essential to discuss the legal fees with the attorney before officially retaining their services. Should you need assistance in settling an estate, contact the Law Offices of Albert Goodwin to discuss your specific legal needs. You can call us at 212-233-1233 or send us an email at [email protected]. We are located in Midtown Manhattan in New York, NY.
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
