Last week the attorneys helping Mechelle McNair, the widow of murdered NFL quarterback Steve McNair, probate her husband's estate filed a petition asking for over $51,000 in legal fees and costs with the Davidson County, TN, probate court. Unlike states such as California and Florida that provide for a graduated schedule of reasonable attorney's fees for settling an estate based on a percentage of the value of the estate, Tennessee law simply provides that probate attorneys will be compensated in an amount that is reasonable given the circumstances. Thus, the attorneys representing Mechelle McNair are required to document what they have done on behalf of Steve McNair's estate and then get the probate judge's permission before paying themselves from the estate assets. And because all probate pleadings are public court records, you can actually view the contents of the affidavit filed by attorney David J. Callahan III by following this link: Affidavit of Attorney's Fees and Costs.
Given the value of the estate - about $19.6 million as reported on the estate inventory - and the things that the attorneys have had to deal with since McNair's death on July 4 - the sale of Gridiron 9, a restaurant located in Nashville; documents filed by Mississippi resident Clover Lee claiming that her teenage daughter was an heir at law of McNair (a paternity test proved that the claim was false); and objecting to King's Island amusement park, located outside of Cincinnati, Ohio, including a replica of the murder scene in a Halloween exhibit - the amount of fees requested appears to be quite reasonable to me. And keep in mind that this is only the first request for fees and costs. There is still much more to deal with given that the probate attorneys will have to prepare and file both a Tennessee estate tax return and a federal estate tax return. Under Florida law the minimum attorney's fees for an estate valued at $19.6 million would exceed $195,000, so the $51,000 requested is surely just the tip of the iceberg.
If you think that it's a shame that the probate of Steve McNair's estate is such a public affair, then don't be like him. Steve McNair's failure to make an estate plan not only will cost his family a fortune in estate taxes and legal fees, but it will also cost them emotionally since all of the intimate details about his family relationships and financial matters are part of the Davidson County public records. A fully funded Revocable Living Trust, which is a private agreement and does not get filed with any court, could have saved the McNair family both time and money not to mention have spared them from all of the public scrutiny.
- Widow's lawyers bill $51,000 to McNair estate
- Death, Taxes and NFL Football - Steve McNair Dies Without a Will
- Steve McNair's Estate Valued Near $20 Million
- Steve McNair's Estate - Who Will Get What?
- Steve McNair's Lack of an Estate Plan - What Went Wrong?
- What is a Revocable Living Trust?
- What Are the Benefits of a Revocable Living Trust vs. a Will?