You are about to meet with an estate planning attorney only to realize that you need to bring that checkbook along. Not only does your estate planning cost money, but the attorney doing the job will cost money as well. Therefore, when you start pricing your estate planning, you will want to make sure you are getting a great return for your investment.
Typical Costs You Will Find
When you hire your estate planning attorney you may encounter three typical costs associated with the project:
- Attorneys hourly or fixed-rate for the planning;
- Filing fees and corporate minute books if business or asset protection is involved;
- Specialty fees for outside consultations (i.e. an accountant or appraiser of property or entity values)
What Should be Included in the Price
When an estate planning attorney gives you a price, you need to make sure that they include several key elements that include:
- The four basic estate planning documents: Power of Attorney, Will, Living Will, Financial Durable Power of Attorney and Medical Durable Power of Attorney.
- An overview of your estate and how the planning process will work.
- Allowing you time to make decisions in regards to heir, guardians and how much of your assets will be given to each heir.
- A plan for your funeral and medical care situations.
There are situations where your estate planning attorney will charge additional costs in order to handle your case. This is especially true for individuals who own multiple properties or for those who own a business.
Author, President and Founding Attorney
Parman & Easterday