As with any legal matter, the cost of hiring an estate or probate lawyer will depend on many factors. In order to understand these factors and their impact on cost, it is important to first determine what you are dealing with in terms of work that needs to be done. Estate planning is generally conducted by the use of documents to transfer assets from a deceased person’s estate to beneficiaries. These documents create and transfer interests in property, as well as control over the property, depending on the type of document used.
A Will is a document that controls the distribution of a person’s estate after death. A Living Trust, on the other hand, is used to hold assets for a person’s benefit during life and after death. It also controls who will be given authority over the property or its proceeds. Both documents will usually transfer assets to individuals and organizations who are to receive the assets after death, less any costs associated with administering the estate. These costs are, most commonly, attorney fees associated with probating the Will or Trust instrument.
What Does an Estate Planning Attorney Do?
An estate planning lawyer will assist the client in drafting documents that express the client’s wishes regarding his or her estate. The attorney will then provide counsel regarding whether to have an estate, or a trust created. If the client chooses to have a trust created, the attorney will help him or her choose an appropriate type of trust, such as a revocable living trust or a testamentary inter vivos trust. The lawyer will also explain how a trust or estate arrangement can be changed in the future.
If the client has a Will, the attorney will draft the document and put it into effect by providing legal representation at the probate process, which includes filing proof that a valid Will was found, determining whether any claims exist against the Will (such as creditors or other beneficiaries), and possibly opposing those claims. The attorney may also help draft documents that are necessary to transfer property from one individual to another.
What are the Benefits of Creating an Estate Plan?
There are many benefits to creating an estate plan. One benefit is the peace of mind that comes with knowing that your wishes will be carried out in the event of your death. Another benefit is that it can save heirs from problems caused by other people having power over the assets. Many states have enacted laws regarding intestacy laws that determine who inherits property if there are no children or other beneficiaries. An estate plan can be the key to preventing such problems. Still another benefit to creating an estate plan is that it may help society by reducing the number of people who squander or waste their wealth during their lifetime.
How Much Does It Cost to Draft an Estate Plan?
The cost of a probate lawyer depends on the complexity and size of the estate planning document that is being prepared. The attorney’s fees will include attorney fees for the preparation of all legal documents, filing with all appropriate agencies and courts, and complying with the court-imposed process required to prove a valid Will or Trust. Whether you are working with an attorney to draft a Will, a trust, or both, there will be some legal costs associated with each.
There is also a fee for administering the Will or Trust. In order to carry out the instructions of the Will or Trust, legal procedures need to be followed in order to prove that the documents are valid. Filing with appropriate courts, probating a Will (making an official copy of it and providing proof that it was made by an executor), and proving that someone has been named as an executor on the document all required costs. These expenses should be added to your overall estimate of estate planning costs.
Is Creating an Estate Plan the Same as Probate?
Probate is the legal process of proving that a valid Will or Trust exists. When someone dies with a Will or Trust, there are legal steps that need to be carried out in order to transfer property and assets to the beneficiaries. This process is called probate. It is very important to know what your state’s laws are regarding probate in order to figure out how much it will cost, as well as how long it will take for the estate plan to take effect.
Probation is not the same as creating an estate plan. If you have a valid Will or Trust and there is an executor named in the document, your estate planning attorney will begin probate proceedings at the time of your death. After reviewing your Will or Trust, he or she will begin gathering all necessary documents and records from you, the deceased person’s accountant, and any other professionals who were involved with you in creating or updating your Will or Trust.
Hiring an experienced estate planning attorney to help you create and administer an estate plan can help save a lot of money and time in the long run. When you have no idea how to begin creating your estate plan or even what needs to be done, an attorney can help, as he or she knows all the laws in your state regarding these matters. An attorney will also ensure that your wishes are carried out in the event of your death, which is the ultimate purpose of having an estate plan.