With the rise of DIY online estate planning tools, it may seem like hiring an estate planning attorney is a thing of the past. However, some folks still may need to hire an estate planning attorney for several different reasons, such as a complex asset structure. Some people just want the peace of mind of having an attorney, which we totally understand! Whether you’re just starting out or looking to update your plans, finding the right attorney matters. Let’s walk through some practical tips to help you pick the attorney who’s right for you.
Do I have to hire an attorney to set up my estate plan?
Although you don’t legally need an estate planning attorney to create valid and enforceable estate planning documents, it can be really helpful. Here’s why:
- Expertise: Estate planning attorneys specialize in this area of law. They know the ins and outs, which means they can offer personalized advice based on your situation and make sure your plan follows your state’s requirements. Estate planning can be tricky. Attorneys know how to make sure everything is done correctly so that your estate plan is legally binding.
- Customization: They can tailor your estate plan to fit your specific needs and wishes. Whether you need a will, a trust, or other documents, they can draft them to reflect exactly what you want.
- Handle Complex Situations: If your situation is more complex—like if you have a business, blended family, multiple properties, investments, or want to do charitable giving—an attorney can navigate these complexities and find the best solutions.
- Updates and Changes: Life changes, and so should your estate plan. Any time you experience a major life event (e.g., birth of a child, marriage, divorce, etc.), you should change your estate plan accordingly. Estate planning attorneys can help you update your plan as needed to keep it current and effective.
Bottom line? Having an attorney ensures your plan is thorough, legally enforceable, and exactly what you want for the future.
How much does estate planning cost?
Understandably, many people avoid setting up an estate plan based on the belief that it’s too expensive to hire an attorney. But that’s not necessarily the case! The cost of hiring an estate planning attorney can vary quite a bit depending on where you live, how experienced the attorney is, and how complex your situation is. Here are some things to consider:
- Initial Consultation: Many attorneys offer a free or low-cost initial consultation. This is a chance to meet them, discuss your needs, and see if you feel comfortable working together. If not, no harm, no foul! Don’t be discouraged if you don’t initially find the right fit. Keep shopping around until you do (more on this later).
- Flat Fees vs. Hourly Rates: Some attorneys charge a flat fee for a “bundle package” of specific documents, like a will, trust, and advance healthcare directives. Others charge by the hour, especially for more complicated situations or ongoing advice.
- Cost Range: For straightforward services like a basic will, you might pay anywhere from a few hundred to a few thousand dollars. Hourly rates can range widely, from around $150 to $500 or more per hour, depending on the attorney’s expertise and location.
- Additional Costs: On top of the attorney’s fees, there may be other expenses like court filing fees or notary fees.
- Value of Expertise: Some people prefer to have the peace of mind of working with an attorney who can provide personalized advice and prefer to speak with a human on these sensitive matters.
To get a better idea of costs in your area, it’s a good idea to talk to a few different attorneys. They can give you a clearer picture of what to expect based on your specific needs and situation.
8 steps to keep estate planning costs down
A little bit of prior preparation goes a long way. The more you can streamline your conversations with your attorney, the better, especially if your attorney has an hourly rate. To keep costs down when working with an estate planning attorney, take these tips into consideration:
- Step 1: Identify Your Needs: Figure out what you need help with, like drafting a will or setting up a trust.
- Step 2: Prepare Beforehand: Organize your thoughts and gather relevant documents (i.e. financial documents, family information, insurance policies, etc.) before meeting with the attorney. This can make meetings more efficient (i.e. shorter) and reduce the amount of billable hours that you accrue.
- Step 3: Ask About Flat Fees: Ask if the attorney offers flat fees for standard services like drafting a will or a power of attorney. This way, you know exactly what you’re responsible for financially. You’ll also potentially save more money than you would if you’re charged an hourly rate.
- Step 4: Understand Billing Practices: Discuss the attorney’s billing practices early on. Understand the attorney’s hourly rates, billing increments (i.e. weekly, semi-weekly, or monthly billing statements), and any additional charges for administrative tasks or communications (i.e. emails and telephone calls).
- Step 5: Negotiate Fees: Ask about potential discounts or payment plans based on your situation. Some attorneys may be flexible in their fee structures depending on the complexity of your estate planning needs.
- Step 6: Limit Revisions: Carefully review drafts of documents and provide detailed feedback upfront to minimize the need for multiple revisions, which can quickly rack up charges.
- Step 7: Focus on Immediate Needs: Handle more urgent matters first. For example, if you’re undergoing surgery soon, it’s a good idea to set up an advance healthcare directive. You can address your other estate planning needs as your financial situation allows.
- Step 8: Educate Yourself: Familiarize yourself with basic estate planning concepts. This can help streamline discussions with the attorney and reduce time spent explaining basic principles.
By following these steps, you can work with an estate planning attorney to achieve your estate planning goals, all while managing your costs. Win-win!
What should I look for in an estate planning attorney?
Finding the right attorney is kind of like dating – you can, and should, shop around for attorneys until you meet one who is just the right fit for you!
Don’t be shy about asking questions. Ask about their experience with estates like yours, how they charge, and what their process is like. Make sure they’re accessible and responsive. You want someone who will keep you updated and answer your questions promptly. As we just discussed, understand their fees upfront so there are no surprises later on. Ultimately, choose someone who listens to you, explains things clearly, and makes you feel confident in their abilities.
If I want to hire an estate planning attorney, where can I find one?
Good question! Finding an estate planning attorney doesn’t have to be complicated. Here are some easy ways to locate one:
- Get Recommendations: Talk to friends, family, or colleagues who have recently done estate planning. They can recommend someone they trust.
- Professional Referrals: If you have a financial advisor, accountant, or another attorney you work with, ask them for a referral to an estate planning attorney.
- Bar Associations: Local bar associations often have directories of attorneys and lawyer referral services. You can find these directories and referral services on their websites or by calling the bar association directly.
- Online Directories: Websites like Avvo, LegalMatch, or Martindale-Hubbell list attorneys by specialty and location. Filter your search using estate planning as the specialty/area of law and your location. These sites also include client reviews and ratings, so you can get an idea of what previous clients have to say about the attorney.
- Internet Search: Simply search for “estate planning attorney near me” or “best estate planning attorney in [your city].” This can lead you to websites and profiles of attorneys in your area.
Bottom line
Hopefully, by now, you see that finding the right estate planning attorney isn’t as hard as you may have previously thought! Use this information as a roadmap on your journey to locate the right one. Take your time to get referrals, meet with a few attorneys, and ask questions about their fees, experience, and approach. Go with your gut, and choose someone who listens to your concerns and makes you feel comfortable. With the right attorney by your side, you can rest assured that your estate plan reflects your intentions and safeguards what matters most to you and your family.
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