None of us love thinking about what will happen after our passing. Because of this, many people hesitate to create an estate plan, especially if they are young. We firmly believe that every adult should have an estate plan in place, regardless of their assets or age. An estate planning lawyer can help you eliminate much of the stress surrounding this process while ensuring that your estate plan is accurate and complete.
So, how much does an estate planning lawyer cost? The cost of hiring an estate planning lawyer will depend on many factors including their pay structure, years of experience, and geographic location. Many estate planning lawyers charge a set rate of between $150 to $1,000 to create an estate plan, depending on the complexity of the estate. Others charge their hourly rate, ranging from $250 to $500 per hour.
While these numbers may be intimidating, an estate planning lawyer is truly an expense that is worth the investment. Without an estate plan in place, your loved ones will be left scrambling if you pass away or become too ill to handle your own estate. In this post, we will discuss the importance of estate planning as well as the many benefits of working with an estate planning lawyer.
Complete Guide to Estate Planning Lawyer Costs
Although it is often a dreaded process, creating your estate plan is a task that every adult must complete. An estate plan serves an important role in ensuring that your wishes are met upon your passing. Additionally, an estate plan can serve to communicate your wishes if you are incapable of doing so.
The best way to create an accurate estate plan is to work with an estate planning lawyer. Let’s take a closer look at this important process.
What is An Estate Planning Lawyer?
An estate planning lawyer is an individual who specializes in the area of estate planning. They help their clients create important documents such as wills, trusts, and power of attorney. An estate planning lawyer will also assist the family of the deceased in administering the will and ensuring that the individual’s wishes are carried out.
While many lawyers offer these services, it is important to work with a lawyer who specializes in the area of estate planning law. Doing so will provide you with the most up-to-date information regarding state laws, estate taxes, and other important information surrounding your estate.
Cost of Hiring An Estate Planning Lawyer
Many variables affect the cost of estate planning. The cost of working with an estate planning lawyer will depend on their experience, geographic location, and pay structure. The size of your estate may also affect the final cost of the process. For example, a younger adult with an average-sized estate will require far less work than an older individual with a much larger estate.
Most estate planning lawyers provide complimentary consultation during which they will ask important questions regarding your unique situation. Following this meeting, they will provide you with a quote for their estate planning services.
Set Rate for Estate Planning Services
The majority of estate planning lawyers charge a set rate for their estate planning services. Again, this rate will vary greatly depending on many factors. A set rate for a lawyer creating a will from scratch ranges anywhere from $150 to $1,000 depending on the lawyer.
Hourly Rate for Estate Planning Services
Other lawyers choose to charge an hourly rate for their services. This is often done when dealing with individuals who have large estates that require great amounts of work. Average hourly rates for estate planning lawyers range from $250 to $500 an hour, although this may vary depending on your location.
The Importance of Estate Planning
So, why is estate planning important anyway? Is it really worth the expense for a young adult just starting out in their career field? Let’s discuss why an estate plan is so important for adults of any age or financial status.
Estate Planning Helps You Prepare For the Unexpected
As young adults, we often feel invincible. We don’t think about our death as that will likely not be a reality for decades. However, unfortunate events occur every single day. The greatest disservice that you could do to your family and friends is to not prepare for the unexpected.
Creating an estate plan is the best way to prepare for the unexpected. If you were to pass away suddenly, your estate plan would communicate your final wishes, eliminating great stress from your grieving family.
However, estate plans are not just important when you pass away. Your loved ones can also consult your estate plan if you are left incapable of communicating your wishes due to injury, illness, or other unforeseen circumstances. Especially if you have assets of great value such as a home or business, it is important to consider this.
Benefits of Working With An Estate Planning Lawyer
While there are ways to DIY the estate planning process, there are countless benefits to working with an estate planning lawyer. Here are just a few of the benefits of working with a professional during this process.
Accurate Estate Planning Documents
There would be nothing worse than to create an inaccurate estate plan. Errors in your estate planning documents could create additional challenges and stressors for your family upon your passing. In the worst-case scenario, errors could void your estate planning documents entirely, forcing your family to pursue alternative methods of settling your estate.
Important Legal Advice Regarding Your Estate
Whether this is your first time creating a will or you are simply updating an existing document, you are likely to have many questions surrounding the process. An estate planning lawyer will provide you with important legal advice regarding your estate.
This will allow you to not only ensure that your estate plan is customized to your unique needs but will also reduce any estate taxes your family may incur upon settlement.
Establish a Relationship for Future Estate Planning Needs
Even if you have created an estate plan, there will be many reasons to update your documents throughout the years. Anytime you have a significant change in your assets or personal circumstances, you will need to update your estate planning documents.
By working with an estate planning lawyer from the creation of your first estate plan, you will be able to establish a relationship for future estate planning needs.
Ensures Compliance With State Laws
Many laws dictate the estate planning process, most of which are at the state level. When you relocate to a new state, you must work with an estate planning lawyer to ensure that your documents comply with necessary state laws.
Reduce Stress Surrounding the Estate Planning Process
Many individuals experience great stress surrounding the planning of their estate. You are required to carefully consider many heavy topics surrounding your death. This stress can render some individuals incapable of completing the process.
An estate planning lawyer will help guide you through the entire process, reducing much of the stress by offering valuable advice and insight. With an experienced estate planning lawyer on your side, you can effectively and efficiently compile an estate plan that reflects your wishes.
Working With a Tulsa Estate Planning Lawyer
Whether you have an existing estate plan that requires updating or you are needing to create your plan, it is important to work with a Tulsa estate planning lawyer that you can trust. Many estate planning lawyers offer complimentary consultations, offering you guidance on how to proceed with your estate planning process. Don’t hesitate to establish this important document today!
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