What is the name of your state? Florida
My father recently passed away and my brother and I have been trying to retain a lawyer except everyone we talk to tells us a different story about FEES!!! Is there a law that states a percentage of the estate goes to the lawyer and if so what is the percentage? If not, how does it actually work and can they charge what every they want???
Confused!!!!
What is the name of your state? Florida
The Forida Probate Code states that the attorney for the estate is entitled to reasonable compensation and defines what is considered reasonable as long as there are no out of the ordinary circumstances requiring greater effort on the part of the attorney.
However, the personal representative is free to make other compensation arrangements with the estate attorney. Therefore, I would use the guidelines below as an estimate and negotiate from there.
733.6171 Compensation of attorney for the personal representative.--
(1) Attorneys for personal representatives shall be entitled to reasonable compensation payable from the estate assets without court order.
(2) The attorney, the personal representative, and persons bearing the impact of the compensation may agree to compensation determined in a different manner than provided in this section. Compensation may also be determined in a different manner than provided in this section if the manner is disclosed to the parties bearing the impact of the compensation and if no objection is made as provided for in the Florida Probate Rules.
(3) Compensation for ordinary services of attorneys in formal estate administration is presumed to be reasonable if based on the compensable value of the estate, which is the inventory value of the probate estate assets and the income earned by the estate during the administration as provided in the following schedule:
(a) One thousand five hundred dollars for estates having a value of $40,000 or less.
(b) An additional $750 for estates having a value of more than $40,000 and not exceeding $70,000.
(c) An additional $750 for estates having a value of more than $70,000 and not exceeding $100,000.
(d) For estates having a value in excess of $100,000, at the rate of 3 percent on the next $900,000.
(e) At the rate of 2.5 percent for all above $1 million and not exceeding $3 million.
(f) At the rate of 2 percent for all above $3 million and not exceeding $5 million.
(g) At the rate of 1.5 percent for all above $5 million and not exceeding $10 million.
(h) At the rate of 1 percent for all above $10 million.