There is not a fix universal cost of planning an estate. The cost of estate planning depending on the estate documents you require and the estate planning lawyer you hire.
If your estate plan consists of documents like a trust, power of attorney, and other crucial estate planning documents, the cost of planning your estate will surely be high.
If you visit an estate planning attorney for an estate plan, the amount of money you will pay will depends on the following:
- The type of estate plan you require
- The legal fees of your estate planning attorney
- The individual who does the real work on your estate plan
What is the cost of hiring an estate planning lawyer?
There is no straight answer to this question because your estate planning attorney will charge you based on the extent of the legal services which you demand. It is possible that all you need in your estate plan (for a small sized one) is a will. If you demand only consultancy from your lawyer, or you want them to help you draft the will, then the cost will be far less than hiring the attorney for a full scale estate planning involving several estate planning documents.
Is Estate Plan just for The Rich?
Estate planning wasn’t designed for the rich alone. If you care about yourself and your loved ones, estate planning is for you. And I am quite sure that everyone care about his or herself and their family. So, basically estate planning is for everyone.
For some people, imagining themselves planning an estate is like purchasing a $20million yacht; which is something only the wealth can do. You may probably believe that estate planning doesn’t apply to you because you don’t own fleet of cars, private jets, houses or estates. This misconception is widespread. But, you see, the truth remains that estate planning is a very crucial part of financial planning designed to secure your future and the future of those you care about. Or do you believe that only the rich have future?
Of course, estate planning has a huge impact on the wealthy, but it can also significantly impact the non- wealthy. For instance, if you owns a house, a car, or a business, you need an estate plan. This plan helps you address how, who and to whom you want your properties to be shared to after your demise.
Fee and Costs
Attorneys normally bill in three diverse ways; flat fees, contingency fees, including hourly fees. In most cases with hourly fee billing, you will be asked to pay a retainer (lump-sum payment of fees) in advance. This fee is used to cover costs needed to take up your case. These costs range from court filing fees, travel costs, fees for process servers, mailings, paralegal work, etc.
With hourly billing method, as soon as the retainer is finished you will be asked to replenish the retainer. Some types of cases requires the fusion of all three billing techniques.
The flat fee billing technique is always used in cases of uncontested divorce and in creation of trust and estate documents like wills, living wills, health care proxies, power of attorney, etc. In such cases, the attorney can give an estimate of time and resources he or she will require to finish the job. Most attorneys will ask that you make upfront payment.
Bottom line
Creating an estate plan has never been easy, especially for those who are privileged to have a large estate. Drafting a quality estate plan involves proper planning, strategy, and the right estate planning documents like a trust, power of attorney, etc. Before you plan an estate, you need to do your research on how much it will cost you. Doing so will help you plan better as regards the financial aspect of the estate planning. If you are keen on planning your estate, but in the dark on how much it’ll cost you, contact our estate planning firm today.
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