Estate planning involves far more than protecting assets for the wealthy. It includes choosing a guardian for minor children, making sure your unmarried partner is taken care of, and even naming a trusted person to step in for financial or medical decisions in emergencies. Yet, many adults don’t have an estate plan. Oftentimes, they believe estate planning is only for the wealthy, they just don’t have time to do it, or they believe estate planning will be too expensive. But, an estate plan is so valuable to you and your loved ones, you shouldn’t let the estate planning cost hold you back from creating one.

How Much Does Estate Planning Cost?

Depending on the documents you want and the lawyer's fee schedule, your estate planning costs can vary greatly. These are the three main elements that impact your estate plan cost:

Who does the work on your estate plan
Your estate planning goals (such as avoiding probate)
What kind of estate plan that you require
Your estate planning attorney's approach to legal fees

Estate Planning Cost Examples

The number of documents you require and the complexity of each determines the cost of your estate plan. An experienced estate planning attorney would advise combining many different legal documents to create a comprehensive plan for your needs. For example, below are two different families with different assets and estate planning needs.

Example 1: Basic Estate Plan

A married couple with young children will require an estate plan that emphasizes guardianship and maximizes financial security in case the parents pass away at an early age. They have average assets and wealth, so a relatively simple estate plan will be sufficient. The legal documents needed for this strategy may include a will, appointment of guardianship, and possibly a simple revocable living trust.

Example 2: Complex Estate Plan

Alternatively, a wealthy person with children from numerous relationships and several real estate investments will require a more complex plan. Their estate plan would focus on wealth management, legacy planning, and carefully navigating the dynamics of their blended family. This plan may involve a will, several kinds of trusts, powers of attorney, and require additional skill in both strategic planning and document drafting.

Types of Estate Planning Fees

If you do consult with an estate planning attorney, their fee structure has a significant impact on how much you will ultimately pay for your estate plan. The most common fee structure is hourly, which can be a bit scary to commit to as a client. Your estate planning cost could be anywhere from $1,000 to $5,000. For creating more complex estate plans, experienced estate planning lawyers often bill $350 to $700 per hour.

At Rilus Law, we charge a flat-rate fee for estate planning instead of hourly billing. It’s part of our commitment to mindfully evolving the estate planning industry. We find that with a flat-rate fee, our clients are empowered to stop procrastinating on their estate plan. Additionally, we offer a free Personal Family Legal Session, which is a free consultation with an attorney to discuss your needs and ask any questions you may have.

Flat Fees

In some cases, attorneys may charge flat fees for estate planning. Every Rilus Law estate plan is done on a flat-rate fee, including for returning clients who want to update their plan. You never have to worry about the final cost because we communicate it upfront. If you’re working with another law firm that offers a flat fee, make sure you have clarity about the estate planning services and documentation that are included.

Billable Hours

Most estate planning attorneys will bill an hourly rate for estate planning. Before beginning work on your plan, your lawyer could require a retainer from you. A retainer is a sum of money that is paid in advance and from which the lawyer will draw as they handle your case. Lawyers’ and law firms' retainer practices differ. An amount equal to the whole anticipated cost of drafting your estate plan may be requested as a retainer by your lawyer. Alternatively, your lawyer can ask for only a fraction of that sum—perhaps only half—and then charge you for the remaining sum later.

Always Get an Estate Planning Fee Sheet

Make sure you receive a written copy of any fee arrangement your estate planning lawyer uses. Your lawyer should provide you with a fee agreement that explains:

Fees and payment details
The work that your attorney will do and what your estate plan includes
Information relating to confidentiality and the handling of disputes.

This fee agreement is a contract with your estate planning attorney. If you have started estate planning but didn’t receive an engagement letter, you can request one. Typically, this agreement needs to be signed by you and your attorney before they begin work on your estate plan.

Estate Planning Cost at Rilus Law

We believe everyone should have an estate plan. This is why we offer free resources, a Free Handwritten Will Template, and provide estate plans at affordable flat-rate fees. When you work with us, you will know your exact estate planning cost before you begin. Having a set estate planning cost gives our clients peace of mind that they can get their estate plan done without a surprising bill at the end.

We offer customized estate planning packages with both will and trust options. If you’re looking to do your estate plan and are concerned about the cost of hourly billing, then give us a call today!

What is the Average Estate Planning Cost?