From Legal Futures’ Associate Title Research .
If you’re instructing a firm to carry out genealogical research work, there are several questions you should ask to ensure you understand the fees that you will be charged. These include: How will the fees be calculated? Does the price include absolutely everything? Are you 100% clear on the price you will be paying? By finding out the answers to these questions, you can make an informed decision on what fee type is the best option for you and your client.
There are typically three main approaches to fees for genealogical research:
- Contingency fees
Contingency fees are often influenced by the value of the estate. The genealogist identifies the beneficiaries and then agrees with those beneficiaries to take a share of their entitlement when the estate is distributed.
- Time and expense based fees
This is a traditional approach in the industry where the fees are calculated from the amount of time (usually number of hours) spent on the work and any additional expenses are added to the price.
- Fixed fees
Fixed fees allow you to know exactly what you’re paying before the work commences. There should be no hidden costs and the fee may be refundable if the work is not successfully completed.
Each fee type has its pros and cons so Title Research’s latest blog post explores the advantages and disadvantages of contingency, fixed and time and expense fees. Find out what fee type is the best approach for you and your client by reading the full blog post: https://hubs.ly/H0ddgyG0 .