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What Does a Probate Lawyer Cost?

Estate Planning Lawyer

Comprehensive Estate Planning In Bergen County, NJ

Working with a Bergen County, NJ estate planning lawyer can ensure that your assets and wishes are well-taken care of. At Kaplan Law Practice, LLC , our dedicated team of legal professionals is committed to helping you navigate the complexities of estate planning and ensure that your wishes are carried out effectively.

Why Estate Planning Matters

Estate planning is an essential tool for anyone—regardless of their financial status. It involves making important decisions about how your assets will be managed and distributed upon your passing. Without a well-thought-out estate plan, the fate of your assets may be left to chance, potentially leading to disputes and added stress for your loved ones.

Protecting Your Loved Ones

One of the main reasons people pursue estate planning is to protect their family. By working with a Bergen County estate planning lawyer, you can establish clear instructions for the distribution of your assets, ensuring that your family members are provided for according to your wishes. This includes naming guardians for minor children, designating beneficiaries for your assets, and more.

Minimizing Estate Taxes

Implementing the correct estate plan means you can minimize taxes and ensure your wealth continues to thrive for generations. Our experienced attorneys can help you explore options such as trusts, gifting strategies, and other tax-efficient methods to reduce the burden of estate taxes on your heirs.

Planning For Incapacity

Estate planning isn’t just about what happens after your passing; it also addresses what occurs if you become incapacitated. Through tools like powers of attorney and advance healthcare directives, you can appoint trusted individuals to make financial and medical decisions on your behalf should you become unable to do so.

Bergen County Estate Planning Lawyer Services

At Kaplan Law Practice, LLC , we offer a wide range of estate planning services tailored to meet your unique needs and circumstances. Some of our services are:

  • Wills and Trusts: Drafting legally sound wills and trusts that reflect your wishes and protect your assets.
  • Probate and Estate Administration: Assisting with the probate process and guiding estate administrators through their responsibilities.
  • Asset Protection: Implementing strategies to safeguard your assets from potential creditors and legal challenges.
  • Special Needs Planning: Creating plans to provide for family members with special needs, ensuring their financial security.
  • Business Succession Planning: Developing strategies to ensure the smooth transition of your business to the next generation or a chosen successor.
  • Elder Law Services: Addressing legal issues related to aging, including long-term care planning and Medicaid eligibility.

Working With Kaplan Law Practice, LLC

When you work with Kaplan Law Practice, LLC, you have access to a team of attorneys eager to help you with any of your estate planning needs and to give you peace of mind. We provide personalized, compassionate, and professional legal services, ensuring that your estate plan aligns with your goals and preferences.

Take The First Step

Don’t leave your estate and the welfare of your loved ones to chance. Contact Kaplan Law Practice, LLC today to schedule a consultation with an experienced Bergen County estate planning lawyer. We’ll help you navigate the intricacies of estate planning, address your concerns, and create a comprehensive plan that protects your legacy. Secure your family’s future by taking the first step toward a well-crafted estate plan that reflects your values and aspirations when you work with a Bergen County estate planning lawyer

What does a probate lawyer cost?

The cost varies depending on factors such as billing rates, location, experience level, and type of practice. You can expect to pay anywhere from $250 to $550 per hour for most attorneys practicing in this area. Some attorneys may charge by the project or retainer rather than hourly rates. The more experienced attorneys will typically charge higher fees because they have more knowledge about handling complex issues such as high-value estates.

Who’s paying?

The probate lawyer’s fee is paid for by the estate, so it does not come out of an executor’s pocket. The cost will only be taken from money that soon belongs to you if you are both the executor and sole inheritor.

What are the typical attorney fees for probate? 

There are many different ways for a probate lawyer to charge people, but some of them can be quite expensive. Many states allow the client to decide how they want their attorney paid by either billing an hourly rate or charging flat rates and fee percentages based on the size of the estate that is being administered upon.

For “ordinary” services, a lawyer can collect 4% of the first 100,000 of the gross value of your estate. 3% on the next $100k and so forth until we get to 2%.

Probate lawyers vary in price depending on where you live as well as what type of situation your legal problems concern; therefore, it’s important to shop around before making any decisions about who should handle your case. Some attorneys will accept both payment methods while others only offer one method, so make sure you discuss this with whichever firm ends up handling things for you ahead of time so there won’t be any surprises later down.

How much should simple probate cost?

Sometimes probate can cost you a lot of time and money. It’s not uncommon for the courts to take up to two years to decide how property should be distributed after someone dies, which means that assets are usually “frozen” while they’re waiting on their decision. The costs associated with this process typically range from 3% – 7%.

Cost and Expense vs Legal fees

A probate lawyer will charge you fees and expenses for their services. These legal costs can add up quickly, so it’s important to know what they are ahead of time. The following is a list: court filing fee, postage, publication of notices in the newspaper (if needed), real estate recording fee if applicable, or property appraisal cost

What are the ways of payment?

There are 3 ways your probate lawyer might charge you for their services: by the hour, a flat fee, or a percentage of estate value. Your lawyer may let you pick how to pay- $250/hour or a $4,500 flat fee per routine case.

  • Hourly

For those of you who have been wondering how much a probate lawyer charges by the hour, it can depend on many factors. For example, if they work in a big law firm or a small one and what their location determines their hourly rate. The average range for an experienced attorney’s fee would be $250 to $550 per hour dependent upon where he/she works (city rates are usually higher).

  • Fixed-rate

Lawyers like to charge flat fees for probate cases because they don’t need as much detail in their time records. Lawyers also know the average amount of work involved with a case, which helps them predict how long it will take and make sure that what they’re charging is fair.

  • Percentage

It’s not uncommon for the lawyer to charge a percentage of an estate as their fee. This is common only in a few states, and even then attorneys are under no obligation by law to charge this type of fee. They can negotiate with you on other forms such as hourly rates or flat fees; however many lawyers prefer statutory fees because they’re usually high when compared to how much work it takes them to do so.

What is included in the price of probating an estate? 

There are many ways to pass on your assets and this includes a probate estate. These can include health savings or medical savings accounts, life estates in property, life insurance policies, retirement accounts including IRAs and 401(k)s as well annuities. There is no need to worry about how you’re going to be able to provide for yourself after death when these options exist.

Agreement in writing

The best part about getting the terms on paper is that it means you have a clear understanding of what to expect, and no surprises. You can discuss your expectations with potential lawyers before committing, so there are never any last-minute contract disputes or confusion when it comes time for payment.