What percentage should be paid to a lawyer to close an estate through probate?
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What percentage should be paid to a lawyer to close an estate through probate?
Also, what percentage should a fiduciary receive?
Asked on June 5, 2014 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Ohio law sets forth fees for a fiduciary of an estate as follows:
- 4% of the first $100,000 of personal property, income, and proceeds of real estate sold;
- 3% of the next $300,000;
- 2% of the balance;
- 1% of the value of real estate not sold; and
- For dates of death after 2012, 1% of all property that is not subject to probate administration except joint and survivorship property.
The fiduciary may waive the fee. Additional fees can be awarded for extraordinary services.
There is no minimum fee or percentage fee for the attorney. It is agreed upon between the parties. However, the court must approve all attorney fees.
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