What is your best estimate of how much time, should an attorney estimate to get an estate settled?
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What is your best estimate of how much time, should an attorney estimate to get an estate settled?
My father’s estate is valued at roughly $1.5mm. It’s not an especially complex estate – one home, one investment account, a few life insurance policies, a couple of retirement accounts but no other complex or exotic investments. What is a reasonable “blended” (attorney and paralegal combined) rate the attorney should charge? How long (in months) should it take to settle this type of estate (general estimate)?
Asked on December 9, 2014 under Estate Planning, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
The fee for an attorney to assist in he settling of an estate is statutory in North Carolina. They must be "reasonable" and not exceed 5% of the estate, and they will offset the executor’s commission (meaning that if the attorney does more then the executor's commission is less). As for time, that is not easy to say. You must publish and allow creditors the statutory time to file claims and tax returns must be filed within 9 months of the date of death (if required by law). Speak with the attorney you interview about this. Good luck.
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