How much it costs to do estate planning will vary greatly from one person’s estate to the next. Ohio State University maintains that lawyer and estate planning fees should not be the priority when planning your estate. The size of the estate, amount of forms and paperwork, lawyer’s fees, and many other factors play a role in the cost of planning an individual estate. Because these factors can vary widely, a lawyer can give you an accurate cost for creating and finalizing your estate plan.
Types of Estate Planning Fees
The cost of estate planning can involve a number of different fees. Your lawyer can help you define the varying types of fees and explain his costs for each fee. Estate planning fees can include one or more of the following:
- Flat Fee: An all-in-one fee for completing a simple estate plan.
- Billable Hour Fee: The rate your lawyer charges per hour to complete a more complex estate plan.
- Contingency Fee: Most lawyers will not work on a contingency fee to complete an estate plan.
Discuss the type and amount of fees you will be expected to pay, so you and your lawyer are clear on the cost of estate planning for both parties.
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Benefits of Hiring a Lawyer to Complete Your Estate Plan
Building an estate plan is a complex undertaking that involves many moving parts. After you have a frank conversation with your family, have one with the lawyer who will help you put your final wishes into the correct form.
You can choose to create an estate plan on your own or hire a lawyer who can guide you through the process. The benefits of hiring a lawyer include:
- Ensuring your final wishes are clearly detailed in your documents.
- Ensuring your estate plan is compliant with the laws of your state.
- Periodically reviewing and updating your estate plan as needed.
- Answering any questions and keeping you updated until your estate plan is complete.
A lawyer can also help regarding the components of your will that govern your healthcare and personal needs in the event you become disabled and are unable to manage your own needs.
Your Estate Plan Is Customized to Meet Your Needs
By its nature, every estate plan is unique because no two people will have the same set of circumstances that go into building their estate plan (unless, of course, you and your spouse are looking for reciprocal wills). Some factors that make your estate plan unique can include:
- Your marital status, including second marriages and blended families.
- Your family size, including the ages and specific needs of your dependents.
- Your full or partial ownership of real estate.
- Your full or partial ownership of businesses.
- Your financial savings and investment portfolio.
- Your current income and retirement goals, which may include a pension or other benefits, according to USA.gov.
- Your current physical health and end-of-life choices.
A lawyer in your area can show you how to create an estate plan that encompasses your property and assets. When you discuss your desired liquidation or distribution of your assets with your lawyer, he can help ensure your estate plan reflects your plans and goals.
Start Building Your Estate Plan with a Will
Your will forms the building blocks of a complete estate plan, according to Ohio State University. A will can make provisions for guardianship of minor children or disabled adult children and can ensure your property and assets go where you want them to go.
Without a signed, witnessed, and properly executed will in place, the state—not you—will decide how your assets are divided and to whom they are distributed. If you want to make these decisions for yourself, be prepared to discuss your final wishes with a member of our estate planning team who can help you take charge of your future and ensure your family’s financial stability.
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Start Preparing for the Future Right Now
People sometimes put off estate planning for a variety of reasons. Planning your estate does not have to be a daunting undertaking. If you are concerned about how much it will cost to do estate planning, share your concerns with your lawyer who can help you understand the value of planning for your future and your family’s future as soon as possible.
Estate planning can help you create clear directions for yourself and your family. When you are ready to bring your goals into focus, put your plans into writing, and make your wishes clear, contact the estate planning team at Bressman Law by calling (614) 538-1116 today.