A common question I hear in the community is “how much does an estate planning attorney cost?” While this is a good question, it does not have a one-size-fits-all answer. An estate planning attorney is kind of like an investment. By hiring an attorney now to craft your individualized estate plan, you are likely saving money down the road. Also, by hiring a knowledgeable attorney, you are buying peace of mind and security.
Factors of Cost
One of the factors that goes into how much your plan costs is what your individual estate plan needs to include. For example, if you need multiple trusts to properly protect your assets and achieve your goals, your plan will be more expensive than someone who needs a will.
The needs of your plan will depend on what your estate planning goals are. Do you want to avoid probate? Do you want to protect your assets from creditors? Is it important that you evenly distribute your assets to your beneficiaries? Do you want to leave one of your children out of the plan? Your goals and your assets will dictate your personalized plan. Your plan is likely to be different than the plan of your neighbor, your friend, or even your parents and siblings.
Another factor that should be considered is what you are saving in the long term. Often, a properly done estate plan can help to avoid probate. What most people don’t realize is that when you pass away and your probate estate is opened, the attorney that handles that has to get paid. This can, unfortunately, take away from the corpus of the estate and result in beneficiaries receiving less than expected. Probating an estate can also be a time-consuming process. By planning upfront, you can avoid surprises in the end. An ounce of prevention is worth a pound of cure.
Estate Planning Attorney Cost
If you need to draft or update your estate plan, contact a local attorney today. At Wildoner Law, PLLC, we have a variety of packages available based on your unique needs. We pride ourselves on being efficient and working to make the process as seamless as possible for you.