Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Personal Finance  > Taxes & Financial Planning > Estate Planning

Estate Planning Cost


How Much Does Estate Planning Cost?

 
average costMedium: Attorney Starts Around $800-$1,800high costHigh: Can Run $2,000-$3,500 Or More
post E-mail post Post  

Estate planning is the process of looking at all you have and deciding what you want to do with it during your working and retirement years, as well as how you want it distributed after you die in order to minimize taxes and other fees paid by your survivors.

Typical costs:

  • Having a lawyer evaluate your financial and family circumstances and prepare appropriate legal documents starts around $800-$1,800 and can run $2,000-$3,500 or more, depending on complexity, location and other circumstances.
  • Books covering the basics of estate planning[1] run $10-$100. Do-it-yourself estate planning kits[2] run $10-$60 and estate planning computer software[3] is $20-$250. Be sure the information provided includes up-to-date details specific to your state of residence; many estate planning experts recommend against using one-size-fits-all documents unless they're reviewed by an attorney.
Related articles: Will, Trust, Probate, Financial Planner, Tax Returns

What should be included:
  • The four basic estate planning tools are a will, durable power of attorney, a living will and a medical durable power of attorney (health care proxy), according to the Financial Planning Association. Other tools that might be used in planning your estate include trusts, how assets are owned, insurance and gifting. Your attorney will review your current situation and your long-term goals and needs, to help you create a plan using these tool. The goal is to maximize your financial security during your working and retirement years while setting things up so that when you die your money, property and other items will be distributed according to your wishes, and with a minimum amount of taxes and probate costs.
  • FindLaw.com provides an overview of the information needed to do estate planning as well as a more detailed estate planning checklist[4] that you can fill out.
  • The planning process should include time for you to consider and reflect on any decisions you need to make. The State Bar of California warns against "promoters" of financial and estate planning services who pressure you into buying specific financial products or one-size-fits-all living trust kits.
  • Although people prefer not to think so far ahead as their death, estate planning is a good idea for almost everyone. Nolo Press provides a look at estate planning based on age and family situation. The University of Florida recommends writing a letter of last instructions[5] so your family and friends will know your wishes and what arrangements you've already made.
Additional costs:
  • If you own a small business or extensive property, you might want to consult with your accountant or other financial professionals as part of the estate planning process. There could be additional charges for these services.
  • Attorneys working on an hourly basis charge for any time spent answering your questions on the phone or by e-mail, as well as case-related expenses such as interviews, research or photocopies. Charges are usually done in quarters or tenths of an hour; a six-minute phone conversation may be billed as 15 minutes.
Shopping for estate planning:
  • FindLaw.com provides a detailed questionnaire to complete when preparing to meet with an estate planning lawyer[6] . Ask about the attorney's experience and specific training in estate planning law.
  • Referrals to lawyers are available through the American College of Trust and Estate Counsel[7] and the American Academy of Estate Planning Attorneys[8] .
  • Your attorney should provide you with a written fee agreement. Be sure you understand what is covered, and any other fees and expenses you might have to pay.
post E-mail post Post  
CostHelper News


Forgotten Expenses In a Home Addition Budget
Items like construction costs, permit fees or debris removal aren't the only expenses to consider when calculating the total costs of a home remodeling project. || Posted August 5 2013


8 Ways to Stretch Your Reduced Food Budget
End of the year budgets are tight for everyone, especially in this economy.It's especially hard for the millions of Americans who depend on government programs like food stamps to help make ends meet. || Posted November 11 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With Estate Planning
 
Subject:  *
Amount Spent:  * total
Law Firm: Amount Per Hour: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www.amazon.com/s/ref=nb_ss_gw?url=search-alias%3Dstripbooks&field-keywords=estate+plann...
  2.  www.google.com/search?tbm=shop&q=estate+planning+kit&hl=en
  3.  www.amazon.com/s/ref=nb_ss_sw?url=search-alias%3Dsoftware&field-keywords=estate+plannin...
  4.  estate.findlaw.com/planning-an-estate/estate-planning-checklist.html
  5.  edis.ifas.ufl.edu/fy537
  6.  estate.findlaw.com/estate-planning-help/prepare-to-meet-with-estate-planning-lawyer.html
  7.  www.actec.org/public/roster/search.asp
  8.  www.aaepa.com/attorney_listing.aspx
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Does Closing a Home Cost? How Much Does a Traffic Ticket Attorney Cost? How Much Do Funeral Flowers Cost?

Search Thousands of Topics on CostHelper.com



Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
X-RAY HIP UNI 2+ VW
Paid: 493.00
New patient office visit $93Took 2 xrays of my hip $493Insurance company noted Charge Exceeds Defined Pay amount on the Xray. Ins Co. noted Charge Exceeds the contractual allowance per the contract. Ins. Co... [more]
-Living is costing me to Death
X-Ray Cost
Front struts for 06 Acura MDX
Paid: 325.00
Dealer quoted $1500 for all 4 struts/shocks ($750 Front; $650 Rear). Shopped it around and found they were way over priced! Used Monroe OESpectrum on fronts (excellent) and rear didn't need to replaced..... [more]
-Foolmeonce
Car Shock Absorbers Cost
Trane 3Ton 13SEER XR13
Paid: 4217.00
Upgraded my 10yr old Goodman A/C unit for a Trane. AS Heating & Cooling were great to work with and had the better pricing and financing between the 3 certified Trane installers for the area. Great team and quick to work... [more]
-Chris87
Central Air Conditioner Cost
Annual cost Houston TX
Paid: 169.00
Our home is 3100 sf. We had termites 15 years ago they were treated and are now on annual inspection plan with same company for over 15 years. The inspection is limited to a visual walk around only... [more]
-Richard Markel
Termite Control Cost
what deck's cost
Paid: 1600.00
I can build an 8 by 8 deck with two sets of stairs for 25 a square foot usually you just need to go see how much a box of screws cost and 1 2x12x16 then tell me I'm to high and remember you don't pay cheap for a good doctor lawyer hair sty... [more]
-Tim the trim carpenter
Deck Cost
TIMING BELT
Paid: 395.62
Replaced Timing belt, Alternator belt, Power Steering belt, Crank Shaft Seal and Cam Shaft Seal... [more]
-REYNOSO
Replacing a Timing Belt Cost