The cost of estate planning depends on your individual circumstances and the complexity of documentation and planning needed to achieve your goals and objectives. Costs will vary from lawyer to lawyer. The costs will include the lawyer's charges for discussing your estate plan with you and for preparing your will, trust agreement or other legal documents which you may need. I post my fees openly under "fee schedule" which you will find uncommon for attorneys to do – but I understand everyone needs to know "how much is this going to cost me?" And while it is true the cost will depend on your individual circumstances – I will give you a clear understanding of what your estate planning will cost. I won't offer an inexpensive rate to get you in the door, then nickel-and-dime you afterwards.
Generally estate plans for standard estates (less than $4M married, $2M single) need only a Basic Trust Package. If your estate is larger you may need more extensive planning to minimize estate taxes.
BASIC TRUST PACKAGE $1,800 to $3,250 INCLUDES:
Living Trust
Will(s)
Durable Power(s) of Attorney
Advance Health Care Directive(s)
Transfer of one parcel of California real estate
Detailed instructions and forms for funding other assets and naming beneficiaries
Bound original documents
EXTRA PLANNING MAY BE NEEDED FOR
Beneficiaries other than spouse, descendants and charity
Blended families
Spouses name different beneficiaries
Transfer of special assets, such as family business
Death tax planning, such as charitable trusts, life insurance trusts
Transfer of additional real estate or other assets
Non-US citizen
Caution: You get what you pay for. Beware of trust mills that spit out cookie cutter trusts, this is not estate planning and is usually done by someone who is unqualified to prepare your trust.
Recently I went on to Legalzoom to see what they offer - with the first question they ask you to decide what trust you need, check the box, save and continue, what could be easier. However, Legalzoom only allows you three choices: joint, individual or an A B trust. Do you know the difference between these trusts? Do you know which trust will have the most valuable tax ramfications for your needs? Do you know there are several trust alternatives available, any number of which may meet your specific needs?
Legalzoom, Nolo, or any other of the do-it-yourself websites or books may seem like a cheap alternative, it may be cheap, but it's no alternative to sound legal advice and planning, and may cost you more in the end.
