DGAA bLAWg

Attorneys Stand to Collect Two Million in Prince Estate - A Matter of Probate, or Excessive Attorney Fees?

Web Admin - Thursday, August 18, 2016

Just days after the announcement of Prince’s death, media coverage revealed that the pop icon had died without a will. It seems strangely out of character, given how obsessively he controlled everything else in his life – copyrights, creative oversight, and releases – but all too true. His estate, his alleged vault of unreleased music, and all that he had worked so hard to build over the course of his life would have to go to probate (a legal process is used to identify, value, and divvy up a person’s assets in the absence of a will).

Attorneys, who have been designated by the estate’s executor, are currently sorting through the estate, trying to determine the value of his assets and determine how they should be divided, and the fees are adding up. As of right now, they are slated to collect around two million dollars (and the cost is still rising). Are these fees justified – simply the cost of having to go to probate – or are they excessive? The following will examine this point and will provide tips on controlling attorney’s fees during the probate process.

Are the Fees Justified?

Without looking directly at the work that needs to be done on the Prince estate, it is difficult to say for certain whether or not the costs are justified. However, the idea of paying out two million for probate on any estate – even one as complex and vast as Prince’s – does seem a little excessive. Unfortunately, now that the attorneys have already done the work, controlling the fees may now be difficult. If the executor had done a little due diligence, things might have turned out differently.

Controlling Attorney’s Fees During Probate

Some states let attorneys charge a percentage fee on the amount of the estate. Illinois is not one of these states. This does not mean that fees do not spiral out of control here; it simply means that you will generally face one of two fee schedules for a probate case: a flat fee, or an hourly one. Each has its own advantages and disadvantages, and you must understand them in order to avoid overcharging on your probate case.

Hourly fees can quickly get out of control, especially if they are following a commonly used minimum increments. For example, if your attorney spends two minutes on a phone call on behalf of the estate, they may charge you for six minutes (one-tenth of an hour). This makes it critical that you take the time to review the minutes you are charged for, and that you inquire about anything that does not make sense to you.

Flat fee attorneys do not charge hourly, so you do not have to worry as much about the “billable hours.” This can make for a more relaxed experience, but you might also be surprised to learn that certain elements are not covered in your fee. Make sure you understand what expenses are covered and which might be considered “extras” in your case (i.e. postage, filing fees, appraiser fees, etc.).

Regardless of which type of attorney you decide is most appropriate for your probate case, you should always request a fee agreement that outlines when and how you will be billed for services rendered. This agreement should cover:

- The type (hourly or flat) and the amount;
- An estimate of the overall cost for your case or number of hours );
- Who your contact will be with the law firm;
- How costs and expenses will be described in the billing process;
- How frequently you will be billed; and
- When payments will be due.

Our Attorneys Offer Affordable, Quality Legal Representation

At Drost, Gilbert, Andrew & Apicella, LLC, we understand how frustrating it can be to watch attorney’s fees rack up. That is why we offer skilled but affordable estate planning services to our clients in Arlington Heights, Long Grove, Barrington, and the surrounding areas. Dedicated to your interests, and to ensuring that your case is handled with the utmost level of care, we use creative and innovative solutions to improve the outcome of your case. Contact our Kenilworth estate planning attorneys today for more information.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Source:
http://minnesota.cbslocal.com/2016/08/01/legal-bills-prince-estate/




Recent Posts


Tags

Rolling Meadows probate lawyer Long Grove real estate lawyer Arlington Heights real estate lawyer employee discrimination Illinois law Crystal Lake traffic lawyer personal injury lawyer Chicago will attorney Mt Prospect Attorney Barrington drug crime attorney IRA trust transfer car accident lawyer DMV Deer Park accident attorney Illinois traffic ticket lawyer FSLA Illinois estate planning law firm DUI attorney real estate attorney Barrington employment law firm unpaid overtime Illinois Workers’ Compensation Commission living trust real estate leasing overtime violations IRA benefits privacy Schaumburg medical malpractice lawyer Arlington Heights wills and trusts lawyer Buffalo Grove personal injury lawyer Policy Cancellation Illinois business law atorneys Schaumburg elder law lawyer fault based insurance Palatine personal injury lawyer Crystal Lake employment attorney slip and fall accidents Des Plaines tax law firm Employment Discrimination Law defective products lawyer personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys denial of life insurance Barrington civil litigation attorney Arlington Heights wills and trusts attorneys Illinois trusts attorney Long Grove estate planning estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, jet ski accidents Deer Park traffic lawyer estate planning lawyer car collision Illinois estate planning license revocation Arlington Heights estate planning attorney Schaumburg wrongful death attorney medical malpractice Palatine traffic accidents Rolling Meadows business lawyer Barrington criminal defense lawyer motorcycle accident lawyer residential real estate Illinois trucking safety Illinois construction accident attorney spinal cord injuries Chicago estate planning food poisoning Barrington estate planning lawyer Des Plaines motorcycle accident attorney Illinois employment laws civil litigation attorney Rolling Meadows personal injury attorney unfunded trust Inverness injury lawyer automated cars Inverness probate lawyer wills and trusts personal injury Inverness DUI lawyer involuntary manslaughter Illinois personal injury attorney no contest clauses defective products Jay Andrew truck collisions Illinois employment lawyer real estate attorneys Arlington Heights traffic attorney Whistleblower Claims Palatine law firm rollover accidents Chicago estate planning lawyer Schaumburg personal injury attorney mortgage real estate life insurance lawyer car accidents Illinois wills and trusts attorneys trustee license reinstatement Rolling Meadows Attorney GM ignition switches workers compensation benefits estate plan condo traffic violations defense elder abuse Chicago corporate attorney Palatine drug lawyer right to work ken apicella Inverness traffic law firm insurance claims Inverness estate planning lawyer car accident lawyers real estate lawyer caretaker rights murder Chicago employment lawyer Barrington workers compensation attorney Crystal Lake car accident lawyer medical malpractice compensation workers compensation digital assets breach of contract Mount Prospect elder law attorney IRS drunk driving rumble strips employees unpaid assessment Des Plaines criminal attorney underinsured motorist traffic deaths job lawyers Illinois traffic laws Crystal Lake injury attorney unauthorized overtime anesthesia errors Illinois traffic accident lawyer Palatine probate lawyer Arlington Heights criminal lawyer controlled substance Illinois personal injury Crystal Lake medical malpractice attorneys vacation home fines Illinois medical malpractice lawyers modern family estate planning Inverness personal injury attorney Des Plaines Traffic Lawyer Fourth of July Long Grove wills and trusts attorneys medical research Buffalo Grove law firm personal injury attorney Illinois medical malpractice attorney spinal cord injury Crystal Lake employment law attorney Joliet general practice lawyers pizza emoji Des Plaines collections attorney Illinois Human Rights Act underage DUI pedestrian accidents Illinois insurance claim attorney Illinois insurance claims lawyers Barrington personal injury attorney Schaumburg corporate attorney Super Mario drug crime insurance denial appeals Illinois personal injury lawyer Crystal lake insurance dispute attorney hit and run accident Illinois pet lawyer Rolling Meadows traffic law firm Class A misdemeanor pedestrian injuries, pedestrian fatality Chicago lawyer Illinois insurance claim dispute lawyer eluding a police officer Attorney Ken Apicella driving Schaumburg employment law attorneys Illinois Wage Payment and Collection Act traffic accidents disability benefits Legal Info rent to own real estate contracts life insurance claims estate planning for college students Illinois insurance lawyer Illinois Smoke Detector Act Rolling Meadows boating crash lawyer sole proprietorship wrongful death contracts commercial real estate Illinois motorcycle accident lawyer Palatine employment lawyer motorcycle accident Illinois defective products attorney Schaumburg estate planning attorney liability claims reckless homicide distracted driving accidents Long Grove estate planning attorneys Illinois employee rights attorney. living wills Schaumburg criminal attorney DNR Illinois driving without license insurance claim dispute attorney digital information preventing accidents uninsured motorist swimming pools dealing with problem employees Arlington Heights Traffic Lawyer Illinois tax attorney corporate law personal injury law firm ACA criminal Illinois workplace discrimination attorney expungement Crystal Lake medical malpractice lawyer cell phone tower data Rolling Meadows criminal lawyer texting and driving slip and fall agent Colin Gilbert insurance claim delay Rolling Meadows insurance dispute lawyers advance healthcare directive wills construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Illinois workers compensation lawyer Buffalo Grove traffic lawyers forming a corporation in Illinois bicycle dooring accidents Illinois employment attorneys digital media accounts, estate planning, Arlington Heights estate planning attorney, nursing home negligence Schaumburg traffic lawyer drug crimes Chicago insurance claim attorneys construction accidents Barrington litigation attorney Illinois car accident attorney dog bites attorney fees hiring employees Barrington criminal lawyer Illinois business lawyer trust payments Fair Labor Standards Act Palatine Attorney Detainer Actions Crystal Lake tax lawyer cell phone accidents license Illinois medical malpractice case CAM Arlington Heights Attorney hands free device employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, car accident vacation home Des Plaines personal injury lawyer Deer Park workers compensation lawyer medication errors Rolling Meadows accident lawyer Illinois rollover accident lawyers marijuana crimes attorney underfunded trust Rolling Meadows personal injury lawyer Crystal Lake insurance lawyer operating agreements comp time Crystal Lake pedestrian accident lawyer Illinois insurance disputes blood alcohol content Illinois jet ski accident lawyer bike accident Buffalo Grove traffic attorney Illinois elder law attorney Exclusions Arlington Heights personal injury attorney Palatine real estate lawyer Buffalo Grove insurance claim dispute lawyers Illinois traffic attorney texting while driving Deer Park DUI lawyer Palatine insurance lawyer Rolling Meadows corporate lawyer Chicago employment attorney landlord Food and Drug Administration's Food Safety Modernization Act Barrington boating accident attorney insurance claim Affordable Care Act income distribution deducation Des Plaines medical malpractice attorney guardianship attorney Palatine elder law attorney consent to a search insurance disputes distracted driving accident victims Barrington employment attorney sexual harassment Illinois collections attorney foreclosure Schaumburg civil litigation attorney estate tax Illinois insurance claim dispute lawyers probate lawyer traffic laws traumatic brain injuries Illinois employment law attorneys Illinois will lawyer Schaumburg Attorney Deer Park motorcycle accident lawyer criminal record Illinois probate lawyer LLCs work unions real estate contract Rolling Meadows traffic attorney Mount Prospect wills and trusts lawyers probate claims process Crystal Lake employment lawyer Chicago insurance law firm Illinois LLC creation internet Illinois boating accident lawyer loopholes insurance dispute Illinois lawyer gift taxes Des Plaines personal injury lawyers healthcare low-ball insurance settlement DUI Palatine employment law lawyer School Visitation Rights Act elder law employment lawyer home inspection lawyer Rolling Meadows marijuana attorney civil litigation trucking accident lawyers Illinois insurance attorney Illinois pedestrian accident attorney brain injury revenge porn employment contract investment property Palatine civil attorney Illinois insurance dispute lawyers South Barrington real estate lawyer life insurance policy Forcible Entry Arlington Heights medical malpractice lawyer crossover accidents denied insurance claims workers comp holiday statistics first degree murder Rolling Meadows employment law attorney Deer Park real estate law firm health insurance dispute Des Plaines personal injury attorney caregiver commercial leases Illinois mortgages Barrington injury attorney special needs trust Illinois job attorney Buffalo Grove probate lawyer Schaumburg estate attorney dynasty trusts Rolling Meadows tax attorney Barrington estate planning attorney Palatine corporate attorney Illinois wills and trusts Kenilworth estate planning attorney Illinois red light cameras Inverness accident lawyer Arlington Heights lawyer Home Sale Contingencies problem employees BAC probate Barrington personal injury lawyer Palatine estate planning lawyer Des Plaines real estate attorney Crystal Lake pet attorney Arlington Heights insurance attorney Landlord Tenant Ordinance Illinois traffic attorneys Arlington Heights wills and trusts attorney Crystal Lake traffic attorney Schaumburg car accident attorney preventable medical errors Crystal Lake business law attorneys Illinois small business business litigation Rolling Meadows insurance lawyer Chicago trucking accident attorney small business Des Plaines claims law firm Des Plaines accident attorney Buffalo Grove personal injury attorney Palatine injury attorney filing a medical malpractice claim Barrington business law firm power of attorney Palatine punch death Inverness civil lawyer Long Grove real estate attorney wage theft South Barrington real estate attorney estate planning products liability PTSD TBI Kenilworth estate planning lawyer Palatine criminal defense lawyer estate attorney compensatory time Schaumburg drug defense lawyer criminal law personal injury claims estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Des Plaines pet law attorney estate planning trusts natural gas explosion license suspension insurance denials IRELA golf accidents Palatine civil litigation lawyer Buffalo Grove criminal defense lawyer tax attorney Schaumburg injury lawyer Des Plaines injury law firm minimum wage pedestrian accident boating DUI Rolling Meadows drug defense attorney Des Plaines insurance attorney Illinois estate planning attorney Rolling Meadows insurance attorney premises liability Schaumburg probate attorney pregnant women back injuries murder defense DGAA Illinois speeding lawyer Buffalo Grove corporate attorney Illinois Probate Act of 1975 blended families Arlington Heights car accident lawyer Inverness elder law lawyer llinois Real Estate Lawyers Association liens drug possession appealing an insurance claim medical malpractice claims Crystal Lake personal injury attorney Transfer on Death Instrument Rolling Meadows real estate attorney car crash injuries DUI defense Buffalo Grove injury lawyer landlord tenant law Kenilworth estate planning attorneys traffic tickets Liquor Control Act DUI penalities Schaumburg real estate lawyer drugs Des Plaines DUI attorney Crystal Lake car accident attorney medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers fiduciary rule dram shop law Riverwoods estate planning lawyer financial advisors Illinois injury lawyer Arlington Heights accident attorney ObamaCare Chicago attorney construction contracts personal injury accidents Deer Park personal injury lawyer Arlington Heights TBI attorney power of attorney for healthcare car crash trucking accidents BUI Mount Prospect real estate lawyer commercial leasing Barrington medical malpractice lawyers Palatine employment attorney murder charges Schaumburg criminal law attorney civil rights violation Inverness real estate attorney traffic offenses employee rights insurance agents foreclosed rental property overtime pay Arlington Heights employment attorney Crystal Lake personal injury lawyer severance agreements Illinois criminal defense attorney digital evidence Schaumburg estate planning lawyer employment attorney startup company rest breaks independent contractor fatal car accidents Buffalo Grove medical malpractice lawyers probate process personal injury claim Arlington Heights pedestrian accidents Illinois employment law attorney homestead rights pet law Long Grove estate planning attorney Colin H. Gilbert whistleblower protections insurance claim denials cell phone Rolling Meadows employment law attorneys Rolling Meadows Palatine traffic lawyer Illinois workplace lawyer Thanksgiving sexual images accidental death benefits employment law bicycle accidents Illinois personal injury lawyers car crashes insurance claim dispute Inverness real estate lawyer federal regulations for LLCs Arlington Heights injury attorney Arlington Heights employment law attorneys Rolling Meadows Traffic Lawyer Buffalo Grove real estate attorney Crystal Lake will lawyer icy parking lots insurance negligence BAIID Rolling Meadows DUI lawyer Crystal Lake law firm Illinois medical malpractice claim auto accidents wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Family Medical Leave Act senior citizens Inverness corporate attorney trusts Schaumburg employment attorney Palatine corporate law attorneys paid sick leave Chicago traffic lawyer living trust benefits Illinois employment law firm traumatic brain injury Illinois attorney healthcare claims capital gains tax Inverness insurance attorney Buffalo Grove employment lawyer Rolling Meadows personal injury lawyers marijuana workplace sexual harassment Des Plaines civil attorney manufacturing fiduciary rule delay Rolling Meadows medical malpractice lawyers employee misclassification Chicago biking tips Illinois bicycle safety Des Plaines drug crimes lawyer Barrington Illinois estate planning lawyer in terrorem provision digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Deer Park medical malpractice attorney Schaumburg insurance claim denial liability drug crimes lawyer Crystal Lake accident attorney living trust vs will natural gas probate claims Illinois wrongful termination lawyer comparative negligence criminal defense medical marijuana loss of consortium college kids creditors Self-Directed IRA Accounts Schaumburg construction accident lawyer Des Plaines irrevocable trust Illinois home inspection trauma after an accident federal crimes Deer Park employment law attorney Illinois Transfer on Death Instrument Illinois DUI attorney bad faith insurance claims boating accidents FMLA insurance attorney Retaliatory Discharge rollover car crashes Buffalo Grove car accident lawyer Chicago will attorney, social media platforms, Illinois estate planning lawyer, Deer Park criminal attorney Crystal Lake civil litigation lawyer insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys meal breaks taxes employment law, Illinois employment laws Illinois civil litigation lawyer subcontractor Arlington Heights car crash attorneys Arlington Heights personal injury lawyer Illinois real estate Do Not Resuscitate drunk driving statistics speeding product liability trench injuries denied insurance claim Palatine business attorney Deer Park traffic accident attorney new real estate form installment contracts deed transfer Rolling Meadows insurance dispute lawyers, insurance dispute deadly crashes insurance adjusters social media after death pay when paid contract owner responsibility Barrington real estate lawyer life insurance pedestrian-automobile accident Barrington employment law attorney Barrington Traffic Lawyer Barrington attorney Crystal Lake estate planning lawyer clemency Rolling Meadows car accident lawyers head on collisions Des Plaines drug lawyer real estate zoning insurance agent negligence privacy laws Rolling Meadows criminal attorney suspended license Rolling Meadows litigation lawyer child safety Schaumburg personal injury lawyer surgical mistakes Rolling Meadows estate planning attorney Schaumburg personal injury lawyers Illinois Crystal Lake medical malpractice law firm Arlington Heights trucking lawyer estate planning attorney real estate closing mass shooting Home Remodeling Repair Act Arlington Heights wills and trusts lawyers boating under the influence POA pain and suffering Crystal Lake bike accident lawyer Illinois employment law gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys traffic violations Illinois workers compensation attorney Palatine workers compensation lawyer Palatine construction attorney Illinois living will pet bites Chicago car accident lawyer Arlington Heights tax lawyer insurance dispute attorney Illinois registered agent Des Plaines real estate lawyer jet ski probate fees Crystal Lake criminal defense attorney changes to mortgage law Illinois Sales Representative Act field sobriety test Federal Food Drug and Cosmetic Act insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Rolling Meadows employment attorney institutional trustee breathalyzer test Illinois real estate lawyer Illinois corporate lawyer traffic crimes condo association wrongful termination employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys Schaumburg insurance lawyers Palatine trusts lawyer

Archive