Estate plans
are not necessarily cheap. How much you will spend depends on a multitude of
factors such as the complexity of your overall needs, the experience of the
attorney involved, and your geographic location, since costs can vary greatly
across various regions.
Here
mentioned are steps that consumers can take to better understand, and
consequently reduce, potential estate planning costs.
Understand What You Need
Before you initiate the estate planning process,
have a clarity of what you need. It can be useful to talk to your financial
advisor or to do some reading on estate planning.
You would
require an advance directive for a durable power of attorney, and a will. Many
people also want or need trusts. For most of these documents, you will need an
attorney to make sure they are properly prepared and implemented.
Talk About Money Up Front
Even before the first meeting, contact any potential Estate
Planning Attorney such as Liz
Durkin to determine how he or she charges. Lawyers may charge by the hour
or offer a flat-fee service.
You must ask
attorneys whether they offer a free consultation. Some of them may charge for a
consultation, but then apply that amount to the ultimate fee if you decide to
go forward.
Go for the Right Attorney
The qualities that matter most here are experience and good
rapport. You would want an attorney who has experience dealing with situations
similar to your own. Since estate planning involves discussions of family
relationships, finances, and mortality, it’s essential to choose someone with
whom you feel comfortable revealing these details.
If you don’t
communicate all the relevant information to your attorney, you could wind up with
a flawed estate plan, leaving beneficiaries with either too much or too little
access to assets.
Having a proper estate plan may end up saving
thousands of dollars for your family in probate costs.
