How much does a professional fiduciary like an attorney cost?
Typically an attorney who acts as a fiduciary will have two hourly rates. One hourly rate is a legal rate. This is what an attorney normally charges for legal work and would be charged if the fiduciary had to undertake any legal action on behalf of the individual or when he or she is filing an annual account with the court. All other work on behalf of the individual such as paying bills, selling a house or negotiating with a creditor is charged at a lower fiduciary hourly rate. In addition, attorney fiduciaries will typically bill in 1/10 segments meaning that if a letter or a phone call can be accomplished in under 6 minutes, the fiduciary will only bill a tenth of an hour for that work.