How Much Does an Estate Planning Attorney Cost? A Closer Look
Are you wondering about the estate planning attorney cost but don't know where to learn more? Keep reading and learn more here.
There is no doubt that talking about afterlife plans is a conversation many people try to avoid. Not only it is a difficult subject but most people are also concerned about the cost of an estate planning attorney. Many people hesitate to create an estate plan, especially when we are young because we assume we have time to take care of these plans later.
Unfortunately, tragedies happen every day. So why put off something so important?
If you want to learn more about estate planning and the costs associated with the service, then you came to the right place. This brief estate planning guide will go over estate planning attorney costs and who you can reach out to for more information.
What Is an Estate Planning Attorney?
An estate planning attorney specializes in helping clients create important documents such as trusts, power of attorney, and wills. An estate planning lawyer will also help the deceased's family administer the trust and will and ensure that their final wishes are properly carried out. Many lawyers offer this service, but it is best to partner with an attorney who specializes in estate planning.
Estate Planning Attorney Cost
Estate planning attorney costs vary based on their experience, pay structure, and geographic location. The size of the estate in question may also play a factor in the final cost of service. For example, a younger adult with an average-sized estate will require less work than an older individual with a more significant estate.
Many reputable estate planning lawyers provide free consultations because everyone's case is different. During the consultation, the attorney will ask essential questions about your goals for when you pass away. At that point, they will then be able to provide you with a more accurate quote for their estate planning services and create a strategy that is perfect for your family.
How Attorneys Charge for Their Services
Estate planning lawyers do not all follow the same guidelines when it comes to setting their prices for the services they offer. One lawyer may charge a flat fee while others bill you per hour worked.
It is very common for an attorney to charge a flat fee to draft up a will and other essential estate planning documents in estate planning. A simple lawyer drafted will cost around $500 to $1,000. It is not uncommon to see a lawyer charge between $1,000 to $1,500 for a Last Will and Testament. A comprehensive estate planning package, with all the documents included, usually start at $2,500.
In this case, it won't take the lawyer too long to create the necessary estate documents, saving the lawyer and the client a lot of time. It is important to remember that an estate lawyer may not charge the same flat rate fee for each client. If one client has a smaller estate than the other, the one with the smaller estate may have a lesser flat-rate fee. Bigger estates that require strategies to protect the estate will usually require more tailor made work, so they will be more expensive.
Some estate planning attorneys bill their clients by the hour. The hourly rate will depend on the attorney's region, expertise, and training.
Lawyers in larger firms tend to charge more per hour than smaller law firms. The average hourly rate for an estate planning lawyer ranges between $400 to $700. It is best to obtain a free consultation from an attorney you wish to work with to see which lawyer works best for you and your financial situation.
The Importance of Estate Planning
Estate planning is vital for everyone, not just those entering their retirement age or who already have children and grandchildren. Unfortunate events happen every single day, and a tremendous disservice you could do to your family is to not prepare for the unexpected.
Creating an estate plan is the best way to let your family know of your wishes and to prepare for the unexpected. If you were to pass away suddenly, your estate plan documents would provide your family with your final wishes, which can take a huge burden off your loved ones. Estate planning is not only crucial for your afterlife wishes, but it also helps your family if you are left incapable of communicating your wishes due to an illness or injury. In case you become incapacitated it will also give your loved ones the power to make decisions for you.
Benefits of an Estate Planning Lawyer
While there are many online resources to create your own estate planning documents, it is best to still reach out to an estate planning lawyer for help. There is nothing worse than creating your own estate plan with several errors. Estate planning documents poorly drafted may cost you less in the short term but they will open the door for estate litigation, which can cost you much more in the long term. It will also open the door for fights between family members, which we always try to avoid at all costs.
Errors in your plan could create additional challenges, such as voiding your estate planning documents. This would force your family to pursue alternative methods of settling your estate.
Accurate Legal Advice
Regardless of if it is your first time drafting an estate plan or if you want to update an existing document, you will probably have a lot of questions. When you work with an estate planning attorney, they can help you work through the legal jargon and help you focus on what is most important.
They will also make sure that your document is error-free and valid. There will be no question about the validity of your records. Your attorney will also be able to ensure that your plan is customized to your unique needs, and they can also reduce any estate taxes your family may incur when it comes time to settle.
Creating your estate plan is not only something that your family will appreciate you for, but it also enables a way for you to live out your final wishes. Partnering with a reputable estate planning attorney in Chandler is an excellent way to ensure that your family understands your last wishes. Citadel Law Firm is a local law firm, our attorneys will be pleased to help you.
Contact us now if you are looking to update an existing estate plan or need help creating one. We offer affordable estate planning attorney costs and free consultations! Call (480) 565-8020 or click here to schedule your free consultation today.