Estate Planning - Cost?

[G-Man]

I'm starting to search for local attorneys for estate planning.

Here is a quote for one of the attorneys. The estate planning package includes the following documents for $1500.

- Last Will and Testament
- Power of Attorney
- Advance Directive (Living Will)

Wanting to know from others the typical cost involved in estate planning.

Thanks

 

[G-Man]

So, based on my research it looks like the documents in an estate plan program is will based or trust based.

 

[Dash man]

Our initial trust set up cost us about $3,500 a few years back. We did $1,900 in modifications two years ago. We need to do more this year. We actually set up four different trusts overall along with a pour over will each and financial and healthcare POAs and living wills.

 

[G-Man]

It looks like this guy developed an online Estate planning website that is able to create the documents found in a will or trust. Based on the reviews, it looks like the website is working great.

Anyone used the online service?

https://www.myadvocate.com/

https://www.trustpilot.com/review/myadvocate.com

 

[Dash man]

I’ve watched his videos. He’s okay, but be careful of these do it yourself sites. If you have anything out of the ordinary, you need to speak with an estate planning attorney. Not just an attorney that does a little of everything, but someone who specializes in estate planning. It’s the questions you don’t know to ask that can bite you. A good estate attorney will spend time asking a lot of questions and explaining the situations you may have in your life. Each state has different laws that a local estate attorney would know.
It’s worth the money to get things right.

 

[G-Man]

I’ve watched his videos. He’s okay, but be careful of these do it yourself sites. If you have anything out of the ordinary, you need to speak with an estate planning attorney. Not just an attorney that does a little of everything, but someone who specializes in estate planning. It’s the questions you don’t know to ask that can bite you. A good estate attorney will spend time asking a lot of questions and explaining the situations you may have in your life. Each state has different laws that a local estate attorney would know.
It’s worth the money to get things right.

Thanks for the feedback.

 

[REWahoo]

I'm starting to search for local attorneys for estate planning.

Here is a quote for one of the attorneys. The estate planning package includes the following documents for $1500.

Similar to what we paid.

 

[Sunset]

I'm starting to search for local attorneys for estate planning.

Here is a quote for one of the attorneys. The estate planning package includes the following documents for $1500.

- Last Will and Testament
- Power of Attorney
- Advance Directive (Living Will)

Wanting to know from others the typical cost involved in estate planning.

Thanks

You might want to clarify for yourself some thoughts:
Why do you want one ?
Do you have any Special situations (disabled child, drug addict spouse, etc).

I know in our State, the - Advance Directive (Living Will) is a 1-2 page pretty simple thing, handed to you at the hospital if you don't already have one. While it requires some thought, it's not a legally complex thing. It's more needing to know the implications of various medical choices.

The Nolo books from the library are famous for simple standard Will , etc creation. Just reading them would inform a person, even if they decide to use a lawyer.

 

[mathjak107]

We paid 4800 here in New York for 2 wills , health proxies , poa and disclaimer trusts .

After we had two bad experiences in our lifetime with poorly constructed wills and trusts we wanted only the best estate attorney we could find .

There are no do overs with this stuff When things are found to have flaws.

Even something as simple as a will not done by a knowledgeable attorney can be deemed defective.

My ex wife was refininancing an inherited house .

We are just wrapping things up and the title company asked to see the will .

They stopped the closing ..

The will said and to my child Beth I leave all my possessions and house .

Well it was missing a word ..the word ONLY “ as in only child .

We had to pay the banks attorney and our coop attorney for the day and we lost our interest rate .

We had to get affidavits from relatives she was an only child .

We got a higher rate and had to repay the attorneys .

The second experience was far more costly .

My wife was supposed to inherit part of a construction business .

The court was reviewing the final papers and realized there was no provision for predeceasing since my wife’s deceased husband died before his mother .

What a mess .

That missing sentence cost us 500k as we had to buy out some estranged step children who were written out of the will and trust when it was deemed defective

 

[Midpack]

Ours was $3000 but there were a few more docs.

 

[mathjak107]

One thing to remember is never think this stuff isn’t important to get right because you don’t have much .

Your estate can suddenly see money where there was none .

Your death can be the result of an accident , a malpractice or wrongful death situation, etc .

Suddenly money flows in from a law suit.

Here in ny even the power of attorney form is very different today then it was .

It is a much longer more complex form with different powers given .

A brokerage or bank does not have to accept the older short form anymore

 

[The Cosmic Avenger]

We paid 4800 here in New York for 2 wills , health proxies , poa and disclaimer trusts .

After we had two bad experiences in our lifetime with poorly constructed wills and trusts we wanted only the best estate attorney we could find .
<snip>

Wow, that's a hard lesson. That's why we had our whole estate plan professionally done once we realized that a Nolo will form might not be good enough...and we paid exactly the same amount, funny enough. Two wills, revocable living trusts, general and financial POAs, a health care agent designation, and a HIPPA waiver for our trustees, along with some nonbinding guidance like our wishes for the disposition of our remains, in case we both go together, I guess.

 

[G-Man]

You might want to clarify for yourself some thoughts:
Why do you want one ?
Do you have any Special situations (disabled child, drug addict spouse, etc).

I know in our State, the - Advance Directive (Living Will) is a 1-2 page pretty simple thing, handed to you at the hospital if you don't already have one. While it requires some thought, it's not a legally complex thing. It's more needing to know the implications of various medical choices.

The Nolo books from the library are famous for simple standard Will , etc creation. Just reading them would inform a person, even if they decide to use a lawyer.

No kids. Just wife and I.

 

[mathjak107]

Wow, that's a hard lesson. That's why we had our whole estate plan professionally done once we realized that a Nolo will form might not be good enough...and we paid exactly the same amount, funny enough. Two wills, revocable living trusts, general and financial POAs, a health care agent designation, and a HIPPA waiver for our trustees, along with some nonbinding guidance like our wishes for the disposition of our remains, in case we both go together, I guess.

So many have the wrong assumption that any will stating their intention is good enough .

Nothing can be farther from the truth in many states

The estranged step children were mentioned by name to get nothing .

Nothing could be clearer .

But as the court told us , they can not add missing verbiage or rewrite history.

And so they had to notify the step children their grandfathers will and trust may be defective and they may be entitled to a share

 

[G-Man]

You might want to clarify for yourself some thoughts:
Why do you want one ?
Do you have any Special situations (disabled child, drug addict spouse, etc).

I know in our State, the - Advance Directive (Living Will) is a 1-2 page pretty simple thing, handed to you at the hospital if you don't already have one. While it requires some thought, it's not a legally complex thing. It's more needing to know the implications of various medical choices.

The Nolo books from the library are famous for simple standard Will , etc creation. Just reading them would inform a person, even if they decide to use a lawyer.

Nolo books? Is this the website for Nolo?

https://www.nolo.com/lander/willmak...k2I3132k1nn-yonDYcVGct5DFYadUfURoC90gQAvD_BwE

 

[euro]

$1500 sounds reasonable for just those three documents and a limited amount of estate planning (scenario playing).
My DW and I paid that much back in 2008 but we had some extra work involving trusts. Coincidentally, we are now in the process of re-doing much of it as our children are launched and on their own. I don’t know how much the revisions will cost, but whatever it is, it’ll be worth the peace of mind (still the same attorney who did the original work in 2008 so we trust that he won’t rip us off).

 

[G-Man]

In preparation for my meeting with the attorney, what information do I need to have available?

 

[mathjak107]

All financial statements….

They need to know if you are under your states limits for the excusion

 

[The Cosmic Avenger]

Nolo books? Is this the website for Nolo?

https://www.nolo.com/lander/willmak...k2I3132k1nn-yonDYcVGct5DFYadUfURoC90gQAvD_BwE

Yes, Nolo is about as good as you can get for a DIY will, which is still not great, but when my spouse and I had no estate to speak of and 4 living and solvent parents, and were young and healthy, we weren't that concerned with our "estate". If you have enough funds or family that you care about who gets what, you're probably better off having at least the wills professionally done.

 

[The Cosmic Avenger]

In preparation for my meeting with the attorney, what information do I need to have available?

The lawyer should give you a list or worksheet; mostly a list of ALL accounts you are on, custodial or not, all real estate, liabilities, and IIRC a list of immediate family members, past and present (as some might need to be specifically excluded if you don't leave them anything, depending on your state). If you're doing a trust, you'll have a fair amount of work ahead of you transferring/retitling accounts and real property into the trust.

 

[G-Man]

The lawyer should give you a list or worksheet; mostly a list of ALL accounts you are on, custodial or not, all real estate, liabilities, and IIRC a list of immediate family members, past and present (as some might need to be specifically excluded if you don't leave them anything, depending on your state). If you're doing a trust, you'll have a fair amount of work ahead of you transferring/retitling accounts and real property into the trust.

Good information to know and the amount of work ahead of me.

 

[OldShooter]

Our initial trust set up cost us about $3,500 a few years back. We did $1,900 in modifications two years ago. We need to do more this year. We actually set up four different trusts overall along with a pour over will each and financial and healthcare POAs and living wills.

This is pretty much our experience with a very similar plan.

 

[HarveyS]

You are looking at the PRICE.
As others have pointed out, there can be great COST if done wrong.
Try to look at VALUE when you choose an attorney. Price may be higher, but costs may be much lower.....YMMV

 

[PaunchyPirate]

$600 for those 3 documents for myself (single man) here in low-cost of living northwestern Pennsylvania. No trust involved. That was 5 years ago. Your quoted price does not seem to be totally out of line, especially if that is for a married couple. Prices vary widely, especially by geography.

 

[OldShooter]

I always cringe a little bit when a thread like this shows up. Generally the comments are pretty good, but there are always the DIY-ers who are happy with Nolo or whatever.

but @mathjak107 nails it:

... There are no do overs with this stuff When things are found to have flaws. ...

The other thing that happens is that people become focused on the documents and forget that the purpose of the documents is to implement a good plan. It is in the good plan phase where an expert lawyer's expertise is worth paying for. Documents are an implementation detail

I think most of us are here because we are, ahem ..., cheapskates to one degree or another. For myself, one aspect of that disease is that I sometimes pay too little and get limited or no value from my purchase. In the case of our estate plan, I avoid this by thinking of the legal cost in terms of a percentage of what I am trying to protect. In our case, the percentage is a small, one digit number. Easier to swallow when looked at that way.