How Much Does an Estate Planning Attorney Cost?
Understanding the Costs of Estate Planning Attorneys
When considering estate planning, one common question that arises is the cost associated with hiring an estate planning attorney. The fees charged by estate planning attorneys varies based on the complexity of the estate, services needed, location, applicable local laws, the structure of the fees, and the experience of the attorney.
Flat Fees vs. Hourly Rates
Estate planning attorneys typically charge clients with either a flat fee or via their hourly billing rate
Flat Fees: Some attorneys may offer a flat fee for standard estate planning services such as drafting a will, creating a trust, forming powers of attorney or a package of multiple estate planning documents. Attorney’s offer this when there is a clear understanding about how much work needs to be performed. It also has the benefit of giving the client a clear understanding of the costs up front.
Hourly Rates: Other attorneys may charge by the hour, which means clients will be billed for the actual time spent on their case and possibly pay a sizable deposit as a retainer. These hourly rates can vary drastically based on the attorney’s experience and location. Lawyers tend to lean towards doing hourly rates when it is difficult or impossible to determine how much work will need to be preformed.
Factors Affecting Costs
Complexity of the Estate: More complex estates, involving multiple properties, complex family dynamics, charitable contributions, business interests, valuable assets, or of higher value may require additional time and expertise to properly plan.
Additional Services: Services beyond basic estate planning, such as tax planning, deeds for multiple properties, or special needs planning, may result in higher fees.
Attorney’s Experience: Attorneys with more experience or specialized knowledge may charge higher fees for their services.
Location: Legal fees can also vary based on the region and local market rates.
Applicable Local Law: Some jurisdictions have laws surrounding real property, various types of gifts, competency, and more that can make estate planning more or less complicated.
The Value of Estate Planning
While the cost of hiring an estate planning attorney is an important consideration, it is critical to understand that the value of having an experienced expert attorney will far outweigh the cost of hiring them. Quality estate planning avoids probate, ensures that your assets are distributed according to your wishes, minimizes taxes, helps avoid disputes among heirs.
What does Bernard Law Office Charge?
Here at Bernard Law Office we believe in flat fees because it gives a fair understanding of what work will be performed and what the client will need to pay. The last thing we want to see happen is for a client to be surprised with a large unexpected bill. Our California estate planning packages are priced as follows:*
If you are a single person, $2,500 for a Revocable Living Trust, Power of Attorney, Advanced Health Care Directive, Pour-Over Will, Certificate of Trust, Deed, and Recordation of Deed.
If you are a married couple, $3,000 for a Revocable Living Trust, 2 Powers of Attorney, 2 Advanced Health Care Directives, 2 Pour-Over Wills, Certificate of Trust, Deed, and Recordation of Deed.
*prices are subject to change
