legal and executor fees

[maw1]

What is the name of your state?Ohio - I am the executor of my mom's estate. I have 4 brothers, all living. The total value was around $410,000 including 3 homes, personal property and a $100,000.00 retirement account. My mom was a retired state employee and OPERS, the administrator of the retirement account, split the $100,000.00 between the 5 of us and it did not go through the estate or probate. I sold the 3 homes acting as the owner in 3 seperate FSBO contracts, used an auctioneer to dispose of the personal property etc. I used an expensive legal firm to help administer the estate and file all proceedings and to review all realestate contracts of the sales. It has taken nearly 2 years to sell the properties etc. After all mortgages, funeral and burial expenses, medical bills, utilities etc. there is approximatly $68,000.00 left. The Attorney has not yet billed me. I know there are a lot of variables but can you give me an idea of what sort of bill I should expect from the legal firm and also, what, if anything, I should charge the estate for my time
to administer the estate. I don't know if this gives any indication of what was involved in the administering of the estate but a glance at the check book shows 15 deposites and 151 checks written so far. Thank you in advance for your reply.

 

[anteater]

I know there are a lot of variables but can you give me an idea of what sort of bill I should expect from the legal firm and also, what, if anything, I should charge the estate for my time
to administer the estate.

My understanding is that, in Ohio, each probate court establishes local guidelines for what are considered to be reasonable attorney's fees. You could probably ask the probate court clerk about those guidelines. But why not simply request an estimate from the attorney? Did you sign some sort of retainer agreement with the law firm?

As for executor fees....

"Executors and administrators shall be allowed commissions upon the amount of all the personal estate, including the income from the personal estate, that is received and accounted for by them and upon the proceeds of real estate that is sold as follows:

(A) For the first one hundred thousand dollars, at the rate of four per cent;
(B) All above one hundred thousand dollars and not exceeding four hundred thousand dollars, at the rate of three per cent;
(C) All above four hundred thousand dollars, at the rate of two per cent.

Executors and administrators also shall be allowed a commission of one per cent on the value of real estate that is not sold. Executors and administrators also shall be allowed a commission of one per cent on all property that is not subject to administration and that is includable for purposes of computing the Ohio estate tax, except joint and survivorship property.

The basis of valuation for the allowance of such commissions on real estate sold shall be the gross proceeds of sale, and for all other property the fair market value of the other property as of the date of death of the decedent. The commissions allowed to executors and administrators in this section shall be received in full compensation for all their ordinary services.

If the probate court finds, after hearing, that an executor or administrator, in any respect, has not faithfully discharged his duties as executor or administrator, the court may deny the executor or administrator any compensation whatsoever or may allow the executor or administrator the reduced compensation that the court thinks proper."

 

[Dandy Don]

So who actually served as executor/administrator--did you ever receive letters testamentary?

Were you and your brothers named as beneficiaries of the retirement account by a separate beneficiary designation form submitted to the company holding the account?

DANDY DON IN OKLAHOMA ([email protected])