How Much Does It Cost To Make An Estate Plan And What Is Involved?
Estate planning doesn’t have to cost and arm and a leg, and about 99% of the time, it doesn’t. Wills are not expensive. Although trusts typically cost more than wills, but they can help your estate avoid probate, which is way more expensive. An estate worth about $250,000, would cost about $10,000 to go through probate, while a trust starts around a thousand bucks. Estate planning is one of those areas where the cost should not be a primary factor in determining who to choose to draft your estate plan.
Rules To Remember When Writing A Will in New York State:
- You must be 18 years of age or older.
- You must possess a sound mind and memory at the time of execution.
- The document must clearly state that it is your will.
- You must name an executor of your will, who will distribute your estate according to your wishes.
- The will must be signed in the presence of at least two witnesses.
What’s Wrong With Using Cheaper Estate Planning Services Vs. Using An Attorney?
All estate plans are not the same. Your will or trust dictates what happens to your property, who will raise your minor children, and names the person (executor) who will carry out your wishes upon your death. Dealing with an estate is a tricky business, and the closing of an estate can take months or even several of years if not properly planned. Drafting your own will or trust comes with one pro (saving money) and many cons. Do-it-yourself wills and trusts document that you may find online or at stationery stores come in a one-size fits all solutions, which do not account for real life situations. So, before you try and save a few hundred of dollars, consider the expensive and unpleasant consequences your loved one’s may have to endure if you make a mistake.
What Are the Benefits of Having An Attorney Do An Estate Plan?
With the right attorney, you can count on your estate plan being specially tailored to your circumstances and concerns. Relying on do-it-yourself wills and trusts can cause expensive consequences for your loved ones down the road. An attorney can compose a comprehensive plan that provides for the disposition of specific property, the payment and distribution of debts and taxes, minimize estate and gift taxes, and the support of minor children or incapacitated adults.
What Misconceptions Do People Have About Hiring An Estate Planning Attorney?
That estate lawyers are incredibly expensive. What people fail to understand is that you save money by making an estate plan, not the other way around. In New York, a probate filing fee can cost as much as $1,250, and that does not include administration fees, legal fees, and any potential lawsuits. On the other hand, a will can cost as low as $500.00. It’s not as costly as what the estate will pay if not planned accordingly. You do the math.
Any Other Reasons Why People Are Afraid to Even Talk to An Attorney?
It’s mostly money. I always give free consultations, because I am confident in my retention rate. People are afraid that an attorney will charge an arm and a leg for a consultation. They think the attorney is going to say, come into my office and they’re going to charge them a few hundred dollars just to give them a yes or no answer. Call me, I don’t bite.
How Do You Get Paid When People Sign Up With You and They Want a Plan?
Costs of estate planning will vary based on complexity. I offer my services for a flat fee whenever possible, so that I can focus my attention on effective estate planning, rather than watching the clock. Due to the many factors involved in administering an estate, probate matters are typically handled on an hourly basis or a contingency fee.
For more information on Cost of Making an Estate Plan, a free initial consultation is your best next step. Get the information and legal answers you’re seeking by calling (646) 233-0826 today.