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What Are the Costs Involved with Estate Planning?

Judith Trentman Wilson, Attorney at Law, P.C. Oct. 29, 2019

You perfectly comprehend the importance of estate planning for your end-of-life wishes in Illinois, which is why you have thought about wills, guardianship and the like. On the other hand, maybe you do not have a firm grasp of how much you can expect to spend on estate planning.

To help you create a budget, look to Money. Save on your estate plans without making unnecessary compromises.

Get Cost out Of the Way First

When you first sit down with a legal professional to discuss your estate planning needs, go ahead and ask about the most likely final cost. Discuss current fees and how the attorney charges, whether it is a flat fee or an hourly charge. Inquire about free consultations and how long an estate like yours usually takes to plan.

Get an Idea of What You Need

You can do some preliminary research on your own to narrow down what all you need. For example, you may need a trust or a durable power of attorney. Do you want to include life-sustaining medical decisions with a living will?

Discuss Flat Fees

Circling back to attorney fees, if the attorney charges a flat fee, dig a bit deeper into what that means, exactly. You may have a limited number of meetings with your attorney for that flat fee, or you may have to start and finish the legal process within a specific time frame. Once you decide what documents you need for your specific type of estate, ask if there is an extra charge for anything.

This information is only intended to educate and should not be interpreted as legal advice.