ARTICLE: How Much Does an Estate Plan Cost?

How Much Does an Estate Plan Cost?

Generally, people harbor the conception that lawyers are expensive, and they will avoid hiring them unless they think it is absolutely necessary. As such, many people delay developing estate plans due to concerns over the cost. In an attempt to avoid estate planning costs presently, though, many people inadvertently create increased costs and hardships in the future. If you are interested in developing an estate plan, you should contact an attorney today. 

How Much Does an Estate Plan Cost? 

Generally, estate planning attorneys either bill their clients at an hourly rate or charge a flat fee for certain services, like drafting a revocable living trust or will. The price of estate planning can vary greatly depending on numerous factors, including the experience of the attorney, the complexity of the person’s estate, and their goals with regard to planning. When selecting an estate planning attorney, rather than focusing on the rates an attorney charges for their services, you should evaluate whether they possess the skills and resources needed to achieve your goals. It is also essential to assess your objectives, as they may impact the overall cost of developing an estate plan as well. 

People who worry about the cost of estate planning often focus on the upfront cost without looking at the overall cost. In other words, they only see the initial cost of hiring an attorney rather than the implications, financial and otherwise, that failing to develop a thorough estate plan can have. Additionally, in an attempt to avoid the costs of estate planning, people may increase the time and effort their loved ones must expend to administer their estate after they pass away (which often leads to even more costs later). 

If you are worried about the cost of an estate plan, you should assess what it is worth to you to know that your assets will be protected from long-term care costs so you don’t lose everything to a nursing home or that the assets you have accumulated during your lifetime will be protected for future generations. If you evaluate the value of knowing that your wishes will be followed if you become disabled and that you have made things easier on the loved ones that you leave behind, it is likely that you will see the importance of expending the costs necessary to establish a comprehensive estate plan. Failing to invest in an estate plan may save you money in the short term, but it will most likely not only create headaches and frustration for you and your loved ones in the future but may also have a detrimental impact on their finances. 

Consult an Estate Planning Attorney to Discuss Your Options

Estate planning is a worthwhile investment that will provide you with peace of mind that your loved ones will be provided for after your death, and your assets and health will be protected in your later years. If you are considering developing an estate plan, please call Roth Elder Law, PLLC today so that we can help ensure you have the best estate plan possible, and your family is taken care of.

Contact Us Today

We at Roth Elder Law, PLLC, believe in providing services in a way that clients can easily understand and meaningfully participate in designing and maintaining their estate plan for their loved ones, as well as be assured that their plan will be administered according to their wishes.