So you’ve decided to put together an estate plan. Good call! An estate plan is the first step towards making sure your family is taken care of after you pass away.
While estate planning does take time and money, putting together an estate plan ahead of time actually saves money for you and your family. That’s because, if you don’t have an estate plan, your family will be left dealing with hefty probate costs after your death.
At Marietta Estate Planning, we work with people throughout Georgia to get their estate plans and related documents into place. In this blog, we’ll cover what the costs of estate planning include.
The cost of estate planning in Georgia
Estate planning is not a one-size-fits-all process. The exact amount you’ll pay for your plan will depend on a few things, including how complex your plan will be, where you live in Georgia, and who you hire as your estate planning attorney.
But there are a few constants that we can discuss so that you can know what to expect:
Consultation
The first time you sit down with your attorney for an estate planning consultation will probably cost you some money.
This is because, during your first meeting with Marietta Estate Planning, our attorney will give you an honest assessment of the process, an outline of your options, and a professional recommendation on what you should do next. That’s right — from the first consultation, you’re off to the races getting started with your new plan!
Types of attorney’s fees
During this first consultation, as well, you and your attorney will determine how you will be paying for their services.
Here are the typical estate planning options:
- Flat fee: A set amount determined from the get-go
- Hourly rate: These rates will vary widely depending on a number of different factors (like the ones discussed above)
Either way, be sure that your attorney provides you a written fee agreement that discusses the amount, how you will pay, etc.
Estate planning pieces
Most estate plans consist of a handful of documents that each help with some aspect of your future plans.
These include:
- Will / trust – Explains in detail what will happen to your assets and beneficiaries after your passing
- Durable power of attorney – Allows you to give power to someone to make decisions on your behalf when you are incapacitated
- Healthcare power of attorney – Allows you to give someone power to make healthcare decisions on your behalf if you are unable to do so
- Guardianship designations – Designates someone to make decisions about any minors in your estate plan (until they are old enough to make decisions themselves)
- Letter of intent – A document that explains everything in detail and sometimes even includes funeral directions, if you choose to include them
Do I need an estate plan for my business?
If you own a business, you can expect your estate plan to be a little more complicated and a little more expensive than if your plan just includes assets and property.
Contact our Georgia estate planning attorney for more information on how this process works in conjunction with your estate plan.
Contact Marietta Estate Planning today
If you own a business, you can expect your estate plan to be a little more complicated and a little more expensive than if your plan just includes assets and property.
Contact our Georgia estate planning attorney for more information on how this process works in conjunction with your estate plan.
