how much to pay for an estate planning attorney

What makes a good estate planning attorney?

How much do estate planning lawyers charge on average?

How does an attorney charge for estate planning?

May 21, 2019 · Attorneys' Fees for Estate Planning Package More than half of readers paid between $500 and $2,000 to have their lawyers prepare a bundle of estate planning documents. How Much Do Estate Planning Packages Cost? Our survey revealed a fairly wide range of fees charged by lawyers for packages of estate planning documents, from under $500 to $3,000 or …

How to choose the best estate planning attorney for You?

The base salary for Estate Planning Attorney ranges from $63,179 to $78,050 with the average base salary of $70,245. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $63,310 to $78,669 with the average total cash compensation of $70,288.

What Factors Cause The Costs of An Estate to Vary?

The primary factors that cause the cost of an estate to vary include: 1. Size of the Estate and Types of Assets – When there are more assets or par...

What Goes Into Determining A Lawyer's Fees?

A number of factors affect how much an attorney will charge. The biggest factors tend to be the experience of the attorney, where the attorney is l...

Why Would An Estate Lawyer Charge An Hourly fee?

An estate lawyer will likely charge by the hour if the estate is large and complex, or the client will require several services, such as a trust, h...

Is One Fee Structure Better Than another?

The best billing structure is ultimately the one that works for the client. Wills, trusts, and estates lawyers understand this, and tend to bill ac...

Hiring a Lawyer Versus DIY Estate Planning

It certainly is possible to create a will and other basic estate planning documents without a lawyer. In fact, more than a third (39%) of the readers in our survey went the do-it-yourself route (most of them with the help of software, such as Nolo’s Willmaker, or online forms).

How Lawyers Charge for Estate Planning

Estate planning lawyers generally charge for their services in one of two ways: They may charge a “flat” (or "fixed") fee to prepare one or more estate planning documents, or they may charge by the hour.

How Much Do Estate Planning Packages Cost?

Our survey revealed a fairly wide range of fees charged by lawyers for packages of estate planning documents, from under $500 to $3,000 or more. About a third (32%) of readers paid between $1,000 and $2,000, while a quarter (25%) paid between $500 and $1,000.

When Estate Planning Lawyers Charge Hourly Fees

There may be times when an estate planning lawyer insists on billing you by the hour – for example, if your situation requires ongoing legal support.

What Did Readers Say About Their Estate Planning Lawyers?

Overwhelmingly, our readers reported positive experiences with their estate planning lawyers. More than eight in ten (82%) were satisfied or very satisfied with their attorneys, while only 6% reported any level of dissatisfaction.

What does an Estate Planning Attorney do?

Collaborate with advisor teams to insure clients objectives are being meet as pertains to the estate planning or charitable needs.

Estate Planning Attorney Salary by City

Click to see the salary for Estate Planning Attorney in these major U.S. cities.

Estimate Salary for Estate Planning Attorney online for free

Salary.com Estimate Salary Tool provides free, accurate and real-time salary for thousands of careers. Please enter the following pay factors for Estate Planning Attorney, to get a real-time salary target. If you want to get more detailed salary information, please view Professional Salary Report

Comments about Estate Planning Attorney

What's the difference between Real Estate Attorney and Estate Planning Attorney?

Estate Planning Attorney Frequently Asked Questions

Why does the salary of an Estate Planning Attorney vary from city to city?

What can an estate planning attorney do?

In addition, estate planning attorneys can offer valuable insight regarding a person’s plan’s because they know how to design these documents down to the slightest detail. They are even trained to think about issues that you yourself may not have thought about, such as: 1 Whether or not you want to donate your organs after passing; 2 Which persons will be responsible for caring for your minor children; 3 How you want to dispose of your digital property (e.g., social media accounts); 4 What individuals will be in charge of your business interests (if any); and 5 How you wish to receive medical treatment for certain ailments or procedures.

What are the benefits of estate planning?

There are many benefits that can come from creating an estate plan. Some of these benefits include: 1 Ensuring that property and/or assets will be distributed to the right persons (i.e., beneficiaries); 2 Reducing the amount of taxes and other costs that the estate may have to pay out; 3 Avoiding the possibility of making family members go through the probate process; 4 Minimizing the risk of future legal disputes between family members and the estate; 5 Making sure that a business continues to run well even after a person’s death; and 6 Providing simple guidance to loved ones about property matters, medical treatments, and funeral arrangements, so they will not have to worry about making such decisions at a difficult time.

Why is it important to work with an estate attorney?

Thus, it is very important for the appointed representative of a deceased person’s estate (i.e., the executor or administrator) to work closely with an estate planning attorney in order to simplify the process as much as possible.

What are the benefits of probate?

Some of these benefits include: Ensuring that property and/or assets will be distributed to the right persons (i.e., beneficiaries); Reducing the amount of taxes and other costs that the estate may have to pay out; Avoiding the possibility of making family members go through the probate process;

What is probate in a will?

On the other hand, probate is the legal process in which a court oversees all things related to a will, such as establishing the will’s validity, administer ing the estate, and appointing or approving guardianships of an estate. Probate deals strictly with wills and will contests.

Can you avoid probate if you have a living trust?

In contrast, if a person chooses to create a living trust instead as part of their estate plan, then they can avoid the probate process entirely. Although the cost of setting-up a living trust may be more than a will, it might save time and money in-the long run since it negates the need for the probate process.

What is the purpose of a probate?

Ensuring that property and/or assets will be distributed to the right persons (i.e., beneficiaries); Reducing the amount of taxes and other costs that the estate may have to pay out; Avoiding the possibility of making family members go through the probate process;

What is flat fee for estate planning?

Attorneys often charge a fixed or “flat” fee to handle certain matters related to estate planning or administration. For instance, lawyers may quote you a single price to prepare a simple estate plan or will, to handle a typical probate proceeding, or to prepare a particular legal document. Attorneys also commonly offer a “bundle” flat fee to prepare several estate planning documents, including a will, estate plan, and health care directives.

What is flat fee for attorney?

Attorneys often charge a fixed or “flat” fee to handle certain matters related to estate planning or administration. For instance, lawyers may quote you a single price to prepare a simple estate plan or will, to handle a typical probate proceeding, or to prepare a particular legal document. Attorneys also commonly offer a “bundle” flat fee ...

Is your lawyer charging too much?

Julie Ann Garber is a vice president at BMO Harris Wealth management, a CFP, and has 25 years of experience as a lawyer and trust officer. Julie Ann has been quoted in The New York Times, the New York Post, Consumer Reports, Insurance News Net Magazine, and many other publications.

Your Initial Meeting

Most estate planning attorneys don't charge a fee for the initial meeting, but this is by no means a universal rule. Don't be surprised if the attorney does charge a small fee for sitting down with you for the first time. It can go either way.

The Estate Planning Flat Fee

A set dollar amount typically covers the initial meeting—if you end up retaining the attorney's services—as well as preparation of basic documents, review of documents, and signing of documents.

Standard Hourly Rates

A flat fee is a composite of the attorney's standard hourly rate and how many hours he thinks he'll have to invest in your case to resolve it. Ask what that hourly rate is, and find out how much you'll be charged for the services of other attorneys and paralegals in the firm.

Meet by Telephone First

It's common these days to handle a significant amount of business by telephone. Consider setting up telephone interviews with at least two estate planning attorneys before meeting in person. This will save your time and the attorney's time...if she's willing.

Ask for Details

Ask an attorney who's going to charge you more than another exactly why his fee is so much higher. Some attorneys are in the business of selling estate plans in bulk, while others are truly interested in giving you a high-quality estate plan and becoming your advisor for life.

Trust Your Gut

Your goal shouldn't necessarily be to find the cheapest attorney. Think about how comfortable you feel with each, because you'll have to be open and honest when discussing the most intimate details of your personal life and finances with this individual. Sometimes you have to go with your instincts.

Do all estate attorneys have the same pricing?

Not all estate attorneys use the same pricing system, so you may receive a variety of estimates depending on the individual. When trying to budget for the cost of an attorney estate plan, it’s important to know who is doing the work, what type of plan you need and the legal fees your estate planning attorney prefers.

How to plan for estate planning?

Estate planning can be unpredictable and costly. Depending on your situation, you may be paying an unexpectedly high fee. If you plan accordingly, though, you will find there are ways to help minimize the costs. Here are a few suggestions for you to consider: 1 Pick the right attorney: Research firms, read reviews and compare them. Try to schedule an in-person consult with each one. 2 Know your needs: Go into your first meeting educated. Know what a basic estate plan includes and whether you’ll need more documents. 3 Discuss money upfront: Whether it is on the phone or in-person, a firm might offer the first consultation free. Use that opportunity to discuss rates and how long the process might take. 4 Put it in writing: Once you choose your attorney, make sure you draft a written agreement you both sign. It should include the work your lawyer will do as well as any costs.

How to plan for estate?

Tips on Estate Planning 1 The probate process can hold up the process of distributing your assets for as long as a year. However, with good estate planning, you can help your heirs avoid this inconvenience. A professional financial advisor can help you plan out your estate and manage your wealth on top of that. To find one in your local area, use our advisor matching tool. If you’d like to get connected to one, get started today. 2 A revocable living trust isn’t the only trust that can help you secure your assets from probate. Look into how different trusts work to see which kind is right for you.

Why is estate planning important?

Estate planning is a crucial measure in protecting not only your interests but your family as well. Without it, all of the assets you’ve worked hard to gain, including money, property and valuables, could get caught up in a legal tug of war. A comprehensive estate plan prevents in-family strife following your passing.

What is a comprehensive estate plan?

A comprehensive estate plan prevents in-family strife following your passing. Therefore, it gives you the chance to take protective measures for your children. In the event you pass away, you’ll want them to have a guardian they can rely on and to minimize their financial burden as much as possible.

Do it yourself estate planning kits?

When it comes to something as important as estate planning, you’re better off hiring a professional. Do-it-yourself kits are advertised online, but their main draws are their simplicity and low costs. That might appeal to someone with no heirs or substantial property, but not if you have any specialized needs.

What to do if your attorney can't pinpoint a fixed fee?

If your attorney can’t pinpoint a fixed fee to charge you, he or she will likely use an hourly rate. This would encompass any time your lawyer was working on your case. If your attorney asks for an hourly fee, they may also request a retainer upfront before they begin. This could be the total amount or a portion of it.

What is an estate lawyer?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

Who is Derek from Policygenius?

Derek is a personal finance editor at Policygenius in New York City, and an expert in taxes. He has been writing about estate planning, investing, and other personal finance topics since 2017. He especially loves using data to tell a story. His work has been covered by Yahoo Finance, MSN, Business Insider, and CNBC.