probate lawyer overchargeing the estate ?

[Tomcat2]

What is the name of your state (only U.S. law)? NY The probate attorney is charging his fee based on the GROSS estate and not the "probate estate less the bequests". The estate is cash poor. What should be looked in to? Is it too late to adjust the legal fee?

 

[anteater]

Who are you in this?

What did the retainer agreement between the executor and the attorney provide for?

Is it too late to adjust the legal fee?

Well... Almost everything is negotiable.

...charging his fee based on the GROSS estate and not the "probate estate less the bequests".

Is there a reason that you have "probate estate less the bequests" in quotes?

 

[Tomcat2]

I am the executor. This is the first time I have been an executor. While researching on line to what I could expect in legal fees, NY, uses a formula of 5% the first $100,000. , 4% the next $200,000, etc. The cash assets were $70,000.00. The rest were specific bequest to the heirs. I saw this formula in many web sites so I thought it was expected. However, I have come to find that the percent might only apply to the cash assets and not the gross estate. Which, in this estate where the cash assets is very small compared to the appraised value of the three properties. .... Can any New York attorney clarify. What does the formula apply to... I am afraid I was taken advantage of by this lawyer in my ignorance and grief. .... The retainer does say gross estate. ...

 

[anteater]

I am not in New York and I don't know that any of the regular responders are.

But, from what I remember, I think that you are citing is the statutory computation of compensation for a fiduciary. I don't believe that New York imposes any statutory scheme for attorney fees.