A question at the forefront of most people’s mind when thinking about making their estate plan is how much it should cost. Between the very inexpensive online options all the way up to hiring an attorney to set up multiple trusts for your family, the cost for an estate plan can truly run the gamut.
Online Programs
So, how much should you expect to pay for an estate plan that will work for your needs? First, as an attorney, I encourage everyone, but especially parents of minor children and those with high levels of assets, to stay away from the online world of LegalZoom and similar programs. The reason behind this is because when you create an estate plan entirely by yourself with no attorney input, you have no idea if it will actually work to achieve your goals.
The entire purpose of taking the time to create an estate plan is to ensure certain goals you have are met. When you use an online service to create the plan and do not speak with an attorney at all, your plan may not (1) be legal in your area, and (2) reach your intended goal. Unfortunately, by the time your family realizes your plan is not actually written to reach your goals, it may be too late.
Hiring an Attorney
Most estate planning attorneys are aware of how cost-conscious consumers are today. We know that your money is important to you, and as a responsible adult, you want your money to work for you.
Some estate planning attorneys will request that you pay for the initial consultation. The reason we do this is to ensure you take this as seriously as we do and you will come to the consultation armed with all of the information we need to make an assessment of your needs. At Wildoner Law, we will waive half of the initial consultation fee if you submit your intake form to us at least 24 hours prior to your scheduled appointment time.
At the close of your initial meeting, telephone call, or videochat session with the attorney, the attorney will have an idea of what documents are needed for your situation, and will be able to give you a quote for her or him to draft those documents for you. Listen carefully to not only the cost, but why the attorney is recommending certain documents. Understanding the reason behind the need of documents can put cost into perspective. Again, you do not want to spend the time and create an estate plan that will not reach your intended goals.
At Wildoner Law, the only person permitted to quote a fee for estate planning services is the attorney. This is because the attorney needs information from the client before she can truly assess what is necessary in the estate plan, and how much time it takes for those documents to be drafted.
Often, the cost can range from a couple hundred dollars into several thousand dollars, depending on your level of assets and your desired goals.
Therefore, it is important to meet with an attorney to review your estate plan documents. Because you are paying for the attorney’s time and expertise, yes, it will cost a little bit more than if you had completed the forms online. However, you can be more confident that when push comes to shove and the need for your estate plan becomes evident, it is much more likely to achieve its intended result.
If you are wondering what documents are necessary for your estate plan, contact an attorney today.