QUESTION

Why does a probate lawyer take 10persent of all the estate? Even what was willed. Is he sopposed to come into the home and appraise everything?

Asked on Apr 27th, 2012 on Wills and Probate - Ohio
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1 ANSWER

Tonya Coles
In Ohio, attorney fees for probate cases are set by law. The law varies by county on what a lawyer can bill the estate. In Franklin County (where I mainly practice) the lawyer must charge a "reasonable fee." If a majority of the beneficiaries agree in writing to the fee, the fee will generally be paid. If the beneficiaries do not agree, a hearing is scheduled for the court to decide if the fee is reasonable. In some counties, the attorney must bill a certain percentage of the total value of the estate. The percentage depends on the type of property (real estate, bank accounts, etc.) and the total value of the property. If the attorney bills a higher percentage than what is allowed, the excessive fees likely will not be paid. To get an accurate value of the estate, the court will require that some property be appraised. Real estate, antiques, and art collections are examples of property that will need to be appraised. Bank accounts, household furniture, and vehicles are examples of property that are not usually appraised. This is because those items usually have a value that can be easily determined (by bank statements, eBay or blue book value, for example). Tonya R. Coles, Attorney at Law Elder Law -- Estate Planning -- Probate www.tonyacoles.com
Answered on Apr 27th, 2012 at 12:36 PM

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