4th Apr 2019
While the cost of most of the services you attain in your life are easily acquired, any services that require legal assistance are typically more involved because of the importance of the matter.
Prices in the legal field are also harder to compare due to the variations in services and abilities and experience of different firms. Sometimes just because the services you have been quoted are more expensive, it doesn’t mean the attorney or firm is trying to make money off you. Often, the more expensive quotes are due to the experience level and a more thorough job performance.
Remember just as in most other aspects of life, cheaper is not better. This stands true with a subject as important as your estate as well. The adage “you get what you pay for” is especially true in this case.
What Is the Expense Break-Down for Estate Planning?
It is difficult to get into the subject of cost break-down when it comes to estate planning. For starters, anyone who gives you an estimate of what it the expense will be without any prior knowledge of your situation is most likely lying to you. The knowledge that is required in order to even begin to make an estimate requires an initial consultation.
There are ways to acquire a price range for this service with some knowledge exchange. There are varieties of services that are offered with estate planning that will also affect the price range. You can question several attorneys and get an idea of the cost, but until you get an exact break down of your needs and assets verses the services that are offered you will not know for sure.
Most attorneys have a similar report that they use when they do estate planning, but you should keep in mind that this process should be very personalized. If the services are personalized the way they should be, this can run into more extensive costs, due to additional time required with the attorney.
Steps to Take to Assure a Properly Completed Estate Plan
Information is key to making educated decision, and this is especially true for important matters such as estate planning. There is a tested method that works well for assuring that your estate planning is taken care of adequately.
In the first step of this process, the consultation takes place. This is a free service in which your family dynamics, your intentions and goals, as well as your financial position will be discussed in intense detail. Once this has taken place, you will be given options that will help you decide which is best for your specific case.
Next, there will be a detailed break down of the cost involved with your options. Finally, you will be allowed to choose which route you wish to take from the various options you have been given. You will then be able to customize your specific plan to fit your personal needs. Deleting the options that you do not need and keeping those that you don’t want to eliminate from your estate plan.
Running the Numbers
While getting a set price through a phone call may be highly unlikely, and often very unreliable, you can get a basic idea of the cost involved if you take a few things into consideration. First, you should consider the area in which you reside and the recent estate planning costs for individuals within that area.
When you get these two factors, you can come up with a low, middle and high estimate of costs. Most individuals who are attempting to be smart with their money will often shoot for the middle area of estimates. You can expect to pay $800.00 to $1800.00 for an attorney to prepare the documents necessary for your estate plan. If you seek an attorney with a great deal of experience or notoriety in this area of expertise, then you can expect to pay between $2000.00 TO $3500.00 in expenses. This number can get even higher if your situation is more difficult.
Knowing What Should Be Included in Your Estate Plan
There are four essential areas of an estate plan that should be addressed. A will, durable power of attorney, a living will and a health care proxy, also known as a medical durable power of attorney. These are areas to which someone you trust should be appointed to assure that your wishes are abided by. You will also be able to affirm who and how you wish for your assets to be distributed. This should eliminate any disputes that loved ones may have after your passing.
Should you have any questions regarding estate planning, please contact us at Tompkins Law at 1-714-385-0044. Our staff is experienced in these matters and will assist you with any concerns you may have. Call us today for a free and confidential consultation for.