Many of us have an aversion to doing things we know we should, but that we anticipate will cause us financial discomfort. Estate planning is one of those should-do tasks that is easy to put off because we tell ourselves (among other excuses) it’s going to be expensive.
Preparing an estate plan tailored to your specific needs and desires will require an investment of time and money. However, when you have the proper documents in place before you need them, you have saved yourself time, money, and distress in the future.
Estate planning costs vary depending on the level of service used. When you hire a lawyer to prepare your estate plan, you are receiving the highest level of service. At Plan Forward Legal, our Chicago estate planning lawyer is very transparent about her fees and shares the following general information about the cost of hiring an estate planning attorney in Illinois.
(Disclaimer: prices can vary widely between law firms and depending on the complexity of the estate planning matter. Do not construe anything listed here as guaranteed pricing at Plan Forward Legal LLC).
- Average Costs for an Attorney to Prepare Estate Planning Documents in Illinois
- How to Minimize Estate Planning Costs and Still Make Sure You’re Protected
- Factors that Can Affect the Cost of an Estate Plan
- Why Do-it-Yourself Estate Planning May Not Be the Way to Cut Costs
- What You Can Expect When You Work With Plan Forward Legal
Average Costs for an Attorney to Prepare Estate Planning Documents in Illinois
Not all attorneys or law firms have the same fee structure for preparing estate planning documents, so it can be worthwhile to make a few calls and get some information before deciding who to work with. Some attorneys may charge hourly rates, while others may charge flat fees for certain documents or a package of documents.
The law firm you want to work with will be one that provides you with specific information to answer your cost questions.
To give some context for evaluating the cost of estate planning services, the following cost ranges offer general guidelines for what to expect for several of the more common estate planning services lawyers perform in the Chicago area:
- Will – An attorney-drafted will in Chicago could cost between $300 and $1,000, depending on the amount and kind of property owned and the desired distribution.
- Revocable (Living) Trust – A living trust can also distribute property at death, but has the advantage of avoiding the cost of probate. Revocable trusts can cost between $1,000 and $3,000.
- Powers of Attorney – Powers of attorney allow you to appoint someone to make legal decisions on your behalf when you are unable to. The two main types of powers of attorney are for financial decisions and healthcare decisions. Powers of attorney may be broad or limited and can cost between $150 and $500.
- Advance Directive (Living Will) – A living will is a document that informs a doctor and anyone else of your wishes for continued medical care if there is no chance of improvement for your condition. Advance directives can be personalized to cover specific circumstances and can cost from $150 to $500.
Understanding what each document does and how to use them to meet your individual needs is where your attorney’s advice and counsel can be invaluable in helping you make important life-and-death decisions.
How to Minimize Estate Planning Costs and Still Make Sure You’re Protected
Being prepared when you meet with an estate planning attorney helps make the process more efficient and enables the attorney to identify specific needs and recommend appropriate services. Some lawyers may provide you with a checklist ahead of your consultation so you will be ready and can use your time wisely.
You may ask the attorney to recommend the most basic estate plan that will provide what you need at the current time. It may be advisable to begin with the basics and modify your estate plan as life circumstances change.
A Basic Estate Plan
A basic estate plan typically includes a will, a living will, and powers of attorney. The cost for a basic package of documents will likely be between $1,000 and $1,500, but this can vary depending on individual circumstances. As time passes, you should periodically review your estate plan to ensure it remains adequate to accomplish its intended purposes.
Factors that Can Affect the Cost of an Estate Plan
Additional factors that can affect the cost of an estate plan include the type, ownership, and value of estate property. Considerations for particular family members may also necessitate more complex planning tools, which will increase costs.
- Estate assets – The value, mix, and location of property owned may require the use of trusts to facilitate transfers and minimize tax liability.
- Special family needs – Planning for family members with specific needs may require the use of trusts or other estate planning tools to ensure those needs are met.
- Geographic location – An attorney working in a metropolitan area may charge higher fees than one serving a smaller community, though this is not necessarily true, and it’s a good idea to make a few calls.
- Individual goals – Some people have definite ideas about what they would like to accomplish, and making it happen can add to the cost of an estate plan.
An experienced estate planning attorney can identify potential issues and recommend the best solutions to preserve wealth and achieve goals.
Why Do-it-Yourself Estate Planning May Not Be the Way to Cut Costs
Of course, there are less expensive ways to create an estate plan. The state of Illinois (as well as other online services) offers wills and estates resources to assist do-it-yourselfers. The forms offered are very general and allow only minimal personalization.
Two of the most common outcomes of do-it-yourself estate plans are litigation and unintended heirs. A National Law Review article offers a real-life example of what can happen when someone uses a general form and doesn’t realize the need to plan for contingencies. Family members can come crawling out of the woodwork, and costly court battles can deplete estate assets and take months or years to resolve.
What You Can Expect When You Work With Plan Forward Legal
Estate planning done right is legal protection for your interests and those of your family, both during life and after death. Cost is definitely a consideration, but so is peace of mind. Choosing to work with an estate planning attorney is an investment in the future well-being of you and your family, and the dividends may be priceless.
Plan Forward Legal is Chicago’s estate planning law firm with heart. We are committed to doing what is best for our clients and charging reasonable fees for our services. We welcome all types of families and endeavor to be the trusted advisor our clients can count on as they plan for the future.
