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When your loved one passes on, you'll need to redistribute their estate with minimal stress. You probably don't know where to start. You are considering hiring an estate planning attorney but are concerned about the cost. Below, you'll find a general idea of how such fees are constituted.
Legal Fees
These are the fees that you will pay the lawyer for their expertise. They are separate from other expenses. Typically, the estate planning attorney will charge you by the hour. They may also charge a flat rate or a percentage of the deceased person's estate.
The hourly charges differ depending on locality, whether rural or urban as well as on the lawyer's schedule and expertise. Busy lawyers will typically charge more. Specialists will also charge more than general practitioners.
A flat rate will prevent legal fees from spiraling out of control. You also get to know upfront, how much you expect to pay. Generally, complex cases will cost more for example, where the will has been contested or where the attorney has to file tax returns on the deceased person's estate.
Some states allow attorneys to charge legal fees as a certain percentage of the gross value of the estate. The word gross here is important as it means "before deductions." Remember, you are free to negotiate how you want to pay the legal fees.
Expenses
Outside of legal fees, you will be required to cover the cost of expenses. These include administrative costs such as postage, legal notices, registry fees for titles, appraisal fees, etc.
Court Fees
This is a fee chargeable by the state for filing the case. You cannot avoid it.
Bond Fees
Your personal representative or executioner may be required to pay a bond before they are officially appointed as such.
Accounting Fees
This will vary depending on the range of portfolio held by the deceased. In certain cases, accounting fees include filing of tax returns
Appraisal and Business Valuation
This is paid to an appraiser to establish the value of the deceased person's property such as real estate, cars, jewelry, household goods, and also of their business(es).
Miscellaneous
These may cover any other cost that may arise. Typical costs include movement of property and storage. Although you may not know the exact cost of hiring an estate planning attorney, you can have a rough estimate of what to expect. The key is to negotiate for what you are comfortable with. Make sure you get a written document giving a thorough breakdown of costs and specifying payment details.
For more information, contact a law office like Skeen Law Offices.
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