According to reports from USA Today, 64% of Americans do not have a will. In the event of a worst-case scenario, it’s vital that you and your family are protected.
If you have recently become the executor of a family member’s will, it’s essential to know the charges associated with hiring an estate lawyer.
While the estate will pay for the charges incurred by a lawyer, it’s essential to be as cost-effective as possible.
You may be wondering, how much does an estate lawyer cost?
In this article, we’ll break down how estate lawyers calculate their rates and other miscellaneous charges to look out for when hiring an estate attorney.
Hourly Fees
One way that estate attorneys charge is by an hourly fee. It is the most common type of arrangement. In this instance, the attorney will charge based on the number of hours they spend on the estate.
Attorneys will tell you their hourly rate, but it’s important to know that these rates can be substantial. Depending on the state, this may vary.
Estate attorneys will offer a free consultation for 30 to up to 60 minutes. The typical hourly rate for an estate attorney can be between $250 to up to $310 per hour. Hourly fees may be different based on an attorney’s experience.
Flat Fee
Another way estate attorneys will calculate their pay is through a flat fee. Estate attorneys calculate using a percentage of the total value of the estate. This type of calculation is more common with small to medium-sized estates.
The reason for this is that the probate court and the IRS approve any fees incurred by an estate lawyer for an estate tax return.
Contingency Fee
In the rare instance that an estate is in the middle of a lawsuit where substantial cash is awarded, an estate lawyer may agree to represent the estate as fiduciary to receive a portion of the award. It’s commonly known as a contingency fee.
This type of charge is rare and only happens in special circumstances.
How Much Does an Estate Lawyer Cost?
On top of the three different pay structures discussed above, all of these will also include miscellaneous expenses. Estate attorneys itemize costs on invoices.
These charges could be for postage, photocopying, filing fees, delivery services, and more.
Are You Prepared?
Even if you don’t have a large estate, covering the costs of funeral expenses can help your family. According to the National Funeral Directors Association (NFDA), the average cost for viewing and burial in 2019 was just under $8,000.
If you’re looking into creating a will or hiring an estate attorney for estate planning, visit estatelawtexas.com for more info.
Cost Can Be Subjective
When faced with the difficult responsibility of being the executor of a loved one’s estate, it’s essential to know the facts about rates and expenses.
One of the first questions people ask is how much does an estate lawyer cost? Ask around, do your research and you should be able to find a lawyer who’s affordable and competent. We hope this helps you understand how estate attorneys calculate charges for estate planning.
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