what is the going rate for an estate planning attorney

Some attorneys may prepare a simple will or power of attorney for as little as $150 or $200. On average, experienced attorneys may charge $250 or $350 per hour to prepare more sophisticated estate plans. You could spend several thousand dollars to work with such an attorney.

Full Answer

How much does an estate planning attorney make?

Sep 20, 2019 · For example, you agree to pay the attorney a portion (typically one-third) of whatever the attorney can get for you. If you get $15,000 in a settlement negotiated by your attorney, you would pay $5,000. Because estate planning isn't adversarial – you're not fighting another person – contingency fees don't make sense.

What fees do estate and trust attorneys charge?

May 21, 2019 · As shown in our separate study of fees reported by estate planning attorneys, hourly rates can vary depending on the lawyers’ location and experience level, as well as what they may charge in different cases (most attorneys reported a minimum and maximum rate). Nationally, the average top and bottom hourly rates for estate planning attorneys were $310 …

How much does a real estate attorney cost?

Dec 18, 2021 · On average, trust and estate attorneys charge a minimum of $250 per hour and a maximum of $310. FREE CONSULTATION. 30-60 minutes. 30-60 minutes. Most trust and estate attorneys offer free consultations, typically for 30-60 minutes. If you think that you may need a lawyer’s help or advice with some part of your estate planning, you’re probably wondering how …

How much do lawyers charge for probate?

Aug 06, 2014 · Thus, an attorney can cost anywhere from $200 to $2,000 dollars, depending on the circumstances. This also may vary depending on whether or not the cost includes the necessary filing fee, which is provided by the local court. Therefore, estate planning costs are generally unique to the individual and their situation.

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.

Hourly Fees for Estate Planning Attorneys

When estate lawyers bill by the hour, they may charge different hourly rates, depending on the client and the type of service being provided. Many of the lawyers in our study reported a range of hourly fees, with minimum and maximum rates that averaged $250 and $310, respectively.

Flat Fees 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.

Other Types of Fee Arrangements

When lawyers are handling probate work, a few states (including California and Florida) allow them to charge a certain percentage of the value of the probate estate.

Free Consultations

Given the potential expense of hiring a lawyer, it’s helpful to know that most estate planning and probate attorneys offer a brief initial meeting without charge. Across the country, nearly two-thirds (63%) of the lawyers in our study said they offer free consultations.

How much does an attorney cost?

Thus, an attorney can cost anywhere from $200 to $2,000 dollars , depending on the circumstances. This also may vary depending on whether or not the cost includes the necessary filing fee, which is provided by the local court.

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 does an estate attorney do?

What Does an Estate Planning Attorney Do? Estate planning is essentially an instruction manual that guides other individuals on how to manage and distribute a person’s property, personal belongings, and/or assets (i .e., the estate), when they are deceased or if they become incapacitated. Many of the legal issues surrounding estate planning are ...

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;

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 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.

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.

What is a married couple's estate tax plan?

This Plan is for married couples with assets over either the state or federal estate tax exemption limits . It avoids probate and allows the minimization of estate taxes due after the death of both spouses, and/or the deferment of state estate taxes. For families with sizeable assets, this plan can save hundreds of thousands of dollars for your heirs.

What is a family will plan?

The Family Will Plan is for families with minor children as well as for parents who wish to leave assets to their adult children in trust until they reach specified ages or other milestones.

What is advance directive?

A Medical Power of Attorney (“Advance Directive”) with living will provisions. Basic Wills leave your entire estate to one or more persons, and do not include specific bequests (except for general bequests of tangible personal property), provisions for minor children, or any trust provisions.

What is a medical power of attorney?

A Medical Power of Attorney (“Advance Directive”) with living will provisions. This Plan is for married couples with assets over either the state or federal estate tax exemption limits. It allows the minimization of estate taxes due after the death of both spouses, and/or the deferment of state estate taxes (Maryland only).

Do I need a revocable trust plan?

This is a probate avoidance Plan. Most families do NOT need a revocable trust plan, despite the many seminars that promote such plans. For older or disabled individuals, or multi-state property, however, it can be an excellent choice. I will explain the pros and cons.

How Much Do Estate Planning Attorneys Charge?

Attorneys are notorious for not disclosing how much they charge for their services. If you do a search online for “how much does estate planning cost,” you will find that there is either a very wide range of fees, or your $599 do-it-yourself estate plans.

What is the Difference in Cost Between Estate Plans?

The difficultly for most people with estate planning is understanding why there is a difference in cost from one estate plan to another. If you do your research online, you will find that most estate planning lawyers in Orange County will include similar documents in their estate planning packages.

Compared to Traditional Estate Planning Pricing

When you call a traditional estate planning lawyer and ask “how much does it cost for estate planning,” the lawyer’s response will likely be so vague that it will be useless, or conversely the estate planning lawyer will speak to you for a few minutes and then quote you a price without any further explanation or breakdown.

Experience the Difference at Modern Wealth Law

At Modern Wealth Law, we have changed how you are charged for estate planning. At no cost to you, we will walk you through your family situation, your concerns, your goals, and then discuss your options. After discussing your options, we will provide you a flat fee cost for that particular estate plan with a breakdown of the cost.