One of the most common issues preventing clients from doing estate planning (right next to not wanting to think about death or incapacity) is fear of what it will cost. What many do not realize is that in almost all cases the cost of obtaining a properly drafted will and/or other estate planning documents can be very modest, and often much lower than the legal fees your estate will incur if you die with no will and your entire estate must be divided by the court!
In my practice, I work only on a flat-fee basis. That means that prior to my beginning work on your documents, you and I will have agreed on the total price, so you can have peace of mind as the process progresses knowing that you are not racking up fees for which you are unprepared.
While some clients may require more complex planning that warrants additional fees*, clients with a fairly basic estate and life situation will start at the following pricing structure:
Standard Fee Structure:
Estate Planning Packages
Individual Standard Package: $700 (Will, Medical Power of Attorney, Financial Durable Power of Attorney)
-$1,100 with basic child provisions (Appointment of Guardian, basic testamentary trust*** for children)
-$1,400 with comprehensive child protection package (Temporary Guardian Appointment, Medical Power of Attorney for
Child, Exclusion of Guardian, Instructions to Guardians, Instructions to Caregivers, Letter to Temporary Guardian,
Important Medical Information for Minor Child, ID card for your wallet to assist in an emergency in having your
children immediately placed with the caregivers you want.)
- add $100.00 to include Directive to Physicians
Couple's Standard Package: $1,200 (Wills, Medical Powers of Attorney, Financial Durable Powers of Attorney)
-$1,600-$1,800 with basic child provisions (declaration of guardianship, mirror basic testamentary trusts*** for children)
-$2,200 with comprehensive child protection package (Temporary Guardian Appointment, Medical Power of Attorney for
Child, Exclusion of Guardian, Instructions to Guardians, Instructions to Caregivers, Letter to Temporary Guardian,
Important Medical Information for Minor Child, ID card for your wallet to assist in an emergency in having your
children immediately placed with the caregivers you want.)
- add $150 to include Directive to Physicians for each party
Super-Simple Package: $400 (Will for a very small estate with no real estate, business interests, no children or other minor beneficiaries, no complex assets, plus Medical Power of Attorney, and Financial Durable Power of Attorney)
Tax-Planned Packages: start at $4,5,000.00 (Will or trust-based plan for an estate that is at or expected to near the threshold for the estate tax. This threshold is currently 10 million per individual, indexed for inflation.)
Documents A La Carte** (Note: pricing on individual documents reflects time spent with the attorney assisting the client in choosing the right people, understanding how the document will work, and getting it signed, not just the drafting.)
Appointment of Guardian: $200
Medical Power of Attorney: $100
HIPAA Release: $50
Directive to Physicians (a.k.a. "Living Will"): $250
Statutory (Financial) Durable Power of Attorney: $200-$500 depending on value of assets needing management
Will: $500-$900 depending on value and type of assets and complexity of inheritance plan (non-taxable estates only)
Basic Living Trust: starts at $2,000.00 (trust-based plan can be incorporated into above packages, typically adds 1-2k to price)
Partnership Agreement/Operating Agreement review and/or "Business Will" aka "Buy/Sell Agreement": strongly depends on situation
*Situations that would likely require additional fees would include (but not be limited to): certain complex assets, most trusts, special needs scenarios, certain blended family situations, couples with significant separate estates, family-owned businesses, etc... All situations will be assessed on a case-by-case basis during the initial consultation, with an individualized fee agreement to be discussed at that time.
**While these documents are offered on an individual basis, it is important to note that a proper estate plan typically includes most or all of these at a minimum (with the exception of the Appointment of Guardian and Living Trust, each of which is used only in certain situations). However, some people strongly prefer not to use certain documents, or may feel ready to make some decisions and not others, and if that is your choice we can accommodate it. Others may already have a partial estate plan (for instance, a will only), and may wish to purchase additional documents to complete their planning.
***While a basic testamentary trust is often a good option for Texas families, it is not the only option, nor is it always the best one. In some cases other options such as a living trust or more complex tax-planned testamentary or non-testamentary trust scheme may be suggested by the attorney. Because it must be funded during your lifetime for maximum effect, a living trust will typically require more assistance from the attorney, and therefore will be somewhat more expensive. Other types of trusts such as Special Needs or tax planning trusts will also be priced differently, and may be recommended depending upon your circumstances.
*Disclaimer: The above page is offered for informational purposes only and does not constitute legal advice or form an attorney-client relationship between you and this practice. If you want legal advice, you have to actually talk to a lawyer.
In my practice, I work only on a flat-fee basis. That means that prior to my beginning work on your documents, you and I will have agreed on the total price, so you can have peace of mind as the process progresses knowing that you are not racking up fees for which you are unprepared.
While some clients may require more complex planning that warrants additional fees*, clients with a fairly basic estate and life situation will start at the following pricing structure:
Standard Fee Structure:
Estate Planning Packages
Individual Standard Package: $700 (Will, Medical Power of Attorney, Financial Durable Power of Attorney)
-$1,100 with basic child provisions (Appointment of Guardian, basic testamentary trust*** for children)
-$1,400 with comprehensive child protection package (Temporary Guardian Appointment, Medical Power of Attorney for
Child, Exclusion of Guardian, Instructions to Guardians, Instructions to Caregivers, Letter to Temporary Guardian,
Important Medical Information for Minor Child, ID card for your wallet to assist in an emergency in having your
children immediately placed with the caregivers you want.)
- add $100.00 to include Directive to Physicians
Couple's Standard Package: $1,200 (Wills, Medical Powers of Attorney, Financial Durable Powers of Attorney)
-$1,600-$1,800 with basic child provisions (declaration of guardianship, mirror basic testamentary trusts*** for children)
-$2,200 with comprehensive child protection package (Temporary Guardian Appointment, Medical Power of Attorney for
Child, Exclusion of Guardian, Instructions to Guardians, Instructions to Caregivers, Letter to Temporary Guardian,
Important Medical Information for Minor Child, ID card for your wallet to assist in an emergency in having your
children immediately placed with the caregivers you want.)
- add $150 to include Directive to Physicians for each party
Super-Simple Package: $400 (Will for a very small estate with no real estate, business interests, no children or other minor beneficiaries, no complex assets, plus Medical Power of Attorney, and Financial Durable Power of Attorney)
Tax-Planned Packages: start at $4,5,000.00 (Will or trust-based plan for an estate that is at or expected to near the threshold for the estate tax. This threshold is currently 10 million per individual, indexed for inflation.)
Documents A La Carte** (Note: pricing on individual documents reflects time spent with the attorney assisting the client in choosing the right people, understanding how the document will work, and getting it signed, not just the drafting.)
Appointment of Guardian: $200
Medical Power of Attorney: $100
HIPAA Release: $50
Directive to Physicians (a.k.a. "Living Will"): $250
Statutory (Financial) Durable Power of Attorney: $200-$500 depending on value of assets needing management
Will: $500-$900 depending on value and type of assets and complexity of inheritance plan (non-taxable estates only)
Basic Living Trust: starts at $2,000.00 (trust-based plan can be incorporated into above packages, typically adds 1-2k to price)
Partnership Agreement/Operating Agreement review and/or "Business Will" aka "Buy/Sell Agreement": strongly depends on situation
*Situations that would likely require additional fees would include (but not be limited to): certain complex assets, most trusts, special needs scenarios, certain blended family situations, couples with significant separate estates, family-owned businesses, etc... All situations will be assessed on a case-by-case basis during the initial consultation, with an individualized fee agreement to be discussed at that time.
**While these documents are offered on an individual basis, it is important to note that a proper estate plan typically includes most or all of these at a minimum (with the exception of the Appointment of Guardian and Living Trust, each of which is used only in certain situations). However, some people strongly prefer not to use certain documents, or may feel ready to make some decisions and not others, and if that is your choice we can accommodate it. Others may already have a partial estate plan (for instance, a will only), and may wish to purchase additional documents to complete their planning.
***While a basic testamentary trust is often a good option for Texas families, it is not the only option, nor is it always the best one. In some cases other options such as a living trust or more complex tax-planned testamentary or non-testamentary trust scheme may be suggested by the attorney. Because it must be funded during your lifetime for maximum effect, a living trust will typically require more assistance from the attorney, and therefore will be somewhat more expensive. Other types of trusts such as Special Needs or tax planning trusts will also be priced differently, and may be recommended depending upon your circumstances.
*Disclaimer: The above page is offered for informational purposes only and does not constitute legal advice or form an attorney-client relationship between you and this practice. If you want legal advice, you have to actually talk to a lawyer.