wills probate

[msdw24]

okay I need some advice/help. A friend's dad died last week in louisiana. The only people named in the will are her and her sister. Every thing is split 50/50. There is some stock, 401K, IRA, gvt Pension $$, checking, savings, his house, and two investment properties.

She asked me if it was normal for an atty to charge 3% of the entire estate to help with the transfer of assets. I have no idea. Any atty's on here have any advice how much it normally costs? Any help would be great, Thanks

 

[pasotex]

In Texas, the attorney would normally charge an hourly rate. I do not know if this type of arrangement is "normal" for louisianna, but nothing would surprise me there.

 

[msdw24]

An hourly rate seems a lot better than a flat 3% fee of the entire estate. 3% would amount to aprox. to 45K in legal fee's that seems REALLY high.

 

[Big Horn]

In Texas, barring some problems or a big estate, a probate would cost a few grand. 45 grand is a lot.

 

[Texas Wahoo]

In Texas, the executor of the estate is allowed to charge a reasonable rate. Anything up to 5% of the sales and acquisitions of the estate is presumed to be reasonable, but distributions to the beneficiaries are not counted. So it would depend on how much work the exectuor is actually doing.

 

[msdw24]

I believe that the Exeuctor is one of the heirs. I'm not sure though. If the executor is an heir, then I assume the atty fee would be a lot less.

I guess if the atty is also the Executor then 3% would make sense.