How do lawyers and trust companies bill for settling estates?

Legal fees vary, depending on the method of billing the lawyer uses; some bill by the hour and others bill in a lump sum. The fees of trust companies vary, depending on whether they are appointed sole or co-executor in the Will or if they are hired as agents for the named executor. If a trust company is told by the deceased, before their Will is executed, that they are to be named as executor or co-executor, then the trust company will insist on having their fees specified in the Will. If the Will is silent on trust company compensation, their current fee schedule for executor services will apply. If the trust company is being hired by the named executor to do all or part of the work, then their "agent for executor" fee schedule will apply. Agent for Executor fees depend on the nature and amount of work to be done. Trust company fees also vary based on the size of the estate. Most trust companies in Canada are owned by major banks who view estate settlement as a low profit margin, "loss leader" business. Their ultimate goal is to retain the estate assets and provide investment management services, which is a highly profitable, long-term business. Trust companies usually have minimum fees for executor and agent for executor work.