If you have decided that you want to develop an estate plan, you might be wondering just how much it will cost. For anyone with money, property and other assets that they intend to pass down to loved ones, an estate plan is a great tool to use for ensuring your wealth and possessions are secure and go to the right people. There is no standard structure of an estate plan, but costs vary depending on what you choose to include and whether you hire an attorney to help you draft one. Here is a breakdown of which costs can contribute to your estate plan.
Common Documents to Include
Though there is no one standard template for an estate plan, there are key documents you are advised to include as a starting point, which can feature the following:
- Will or trust
- Living will
- Durable power of attorney
- Healthcare power of attorney
- Named beneficiaries
- Guardianship
The overall costs of a plan can depend on how many items it contains, as an estate planning lawyer can tell you. The more documents you add, the more you may have to pay for each one. Some documents may have additional requirements or have more elements.
How Much Are Estate Planning Fees?
An estate attorney may charge fees prior to working on your estate plan. Lawyers set their own policies, so they may demand payment up-front or charge you by the hour. Fees may also be determined based on the complexity of the estate plan.
Should I Hire an Estate Attorney?
Whether or not you choose to work with an attorney who specializes in estate planning is up to you. However, drafting an estate plan can take a lot of time, and navigating state and federal laws can be difficult for anyone who does not have a background in law. Since you are dealing with many legally binding documents, you do not want to risk making errors that can result in additional expenses to fix. A lawyer can suggest specific tools, resources, and strategies when drafting your plan. When you hire an estate attorney, you can get peace of mind knowing you have professional help and support as you make critical decisions concerning your future health, finances, and the care of your loved ones.
The cost of an estate plan can vary greatly. The number of documents you have and a lawyer’s experience are just some of the contributing factors. Talk to a lawyer for more information about what an estate plan may cost.