Planning for the afterlife is uncomfortable for most individuals and a lot of people try to avoid this conversation. As much as it is a difficult topic for most individuals to engage in, a lot of people are also concerned with the cost involved in estate planning in Arizona.
Getting an answer to how much it costs to establish an estate plan will put many at ease and have them complete the process. If you are looking to know more about estate planning, costs, and services this article will briefly guide you. For any further questions and to discuss specific details regarding your case you can reach out to our Glendale estate planning attorneys.
Average Cost of Estate Planning
Before you can determine the average cost of estate planning it is important for you to have an understanding of the basic estate planning documents that are needed in this situation. A lot of estate plans often include:
- The last will and testament.
- Family trust.
- A letter to the representative of the will.
- A memorandum directing the disposition of tangible personal property.
- Health care power of attorney.
- Mental health care power of attorney.
- HIPPA Authorization.
- A living will as well as Advanced Medical Care Directives.
- Durable financial powers of attorney.
The above documents can either be prepared for a single individual or they can be prepared for the wife and husband at the same time.
How much an estate planning attorney will cost in Arizona will vary from law firm to law firm. Also, your plans for your estate, the complexity of your case, and the experience of the estate planning lawyer will determine how much they will cost. There are instances where estate planning may require a tax expert and certified financial planner to come in. This is expected especially when the size of the estate has passed the exemption amount of the federal government.
In Arizona on average estate planning attorney costs for an individual are approximately $2400 this is with an average cost of between $800 to $4000 this is according to CostHelper in 2019. The average per-hour rate which you can use to hire an estate planning attorney is $225. The hourly price ranges from $150 to $310.
You can pay an estate planning lawyer $1,100 to draft a will for you with prices ranging from $1,000 up to $2,000. On average the cost of a living trust adds up to $1350 and the process can range from $1200 and $1500.
However, it is important to note that the fees given are not actual quotes but rough estimates since they are always changing. If you are looking for an experienced estate planning attorney in Glendale Arizona to help you with your estate plan, contact Monahan Law firm to schedule an initial consultation. Our affordable estate planning attorney will discuss your wishes and give you a quote.
Different Ways Attorneys Charge for Estate Planning
Factors such as how complex family and financial circumstances are and your location will determine how much a lawyer will charge you for your estate planning documents. Every estate planning lawyer will charge their clients differently as well as charge different rates.
Due to the state of the economy, you will at times find attorneys charging a small fee for the initial consultation with their clients. The small fee is to cover the time that they are availing their potential clients since most attorneys are always busy handling other clients’ issues. There are different ways that a lawyer will charge their clients and they are stated below.
Flat Rates
A lot of lawyers charge their clients a flat fee for providing estate planning documents and writing a will. For a simple and well-drafted will, a lawyer is likely to charge $1,000 but it is possible for the rate to go as high as $1,200 depending on the lawyer as well as other factors.
Hourly Rate
There are estate planning attorneys that prefer to bill their clients hourly. The rate will be determined by your location and the training and experience that your lawyer has had. In a small town, there are lawyers that are likely to charge $150 per hour. However, big-city lawyers are not likely to charge below $200.
Attorneys that work in big firms will likely charge a higher rate compared to those in small firms or lawyers that operate independently. Of course, there is an exception of whether the smaller law firm specializes in estate planning and tax matters. An attorney specializing in estate planning is likely going to cost more.
The process can be uncomfortable for some but it is not a reason to put it off. You do not have to wait until you are sick or until you are less busy so you can get started with real estate planning. Not having a will means that in the case where you are no longer there to manage your estate for yourself, the state will take matters into its own hands and handle the estate planning process for you. The judge making the decisions will make the decision that you were meant and assets that could have been spent on your loved ones will be used on court costs or taxes.
What Factors Affect the Cost of an Estate Plan?
There are a lot of factors that are likely to affect the cost of estate planning as it has been highlighted in the article. One of the factors is the location factor. Due to a higher cost of living lawyer fees are likely to be higher in bigger towns compared to smaller towns. Also, the property and assets that you have will as well determine the estate planning costs.
The complexity of your case will as well affect your entire estate plan cost.
How to Minimize the Cost of Estate Planning
You do not want to leave any loose ends when it comes to real estate planning. Below are some of the ways that you can make the process less costly and easier.
- Keep your beneficiaries up to date.
- Cashing of physical bonds and stock certificates.
- Keep track of your family.
- You should consider consolidating your accounts so there is less work and fewer legal fees.
- Go through your deeds.
Making sure that you are prepared and you do your homework before you meet your attorney will as well make the process less expensive for you.
Benefits of Having a Lawyer Help With Estate Planning
With all of the information available online it is not doubtful that an individual can be able to settle their estate planning legal matter all by themselves. However, when you hire an estate planning lawyer from Monahan Law Firm here are some of the things that you can be sure of:
- Your important legal documents will always be up to date.
- Legal compliance.
- You will have a resource for your loved ones when you are no longer there so they avoid getting into legal disputes.
- You will have legal advice that will enable you to make informed decisions.
- Your wishes will be represented in the estate plan documents.
If you are looking for a comprehensive estate plan in Glendale, Arizona get in touch with an experienced attorney from Monahan law firm for our legal service, and let’s get started.
