Estate Plan: How Much Money Does It Cost To Make One?
I was talking with an accountant recently and he asked me what I did. I told him that we teach people how to put their affairs in order, the first step in estate planning. He said, “Now there’s a messed up industry”. I asked him what he meant, and he relayed a story of a young couple who are clients of his. This couple just had had a baby, ans wanted to do the right thing by thinking of their future and taking action. The only problem was the estate lawyer they used. According to the story, this couple only had one child, a new house, and two 401k investments through their employers. The lawyer charged them $9,000.00 for a Trust and Will. This is outrageous! The accountant mused, “It was in a really nice leather binder”.
An estate lawyer, or attorney can charge whatever they want, that’s just the way it is. It is also why in our workshop we teach people how to find a great estate attorney. $9,000.00 is highway robbery and why we need to do our due diligence when selecting that professional.
As Terrie and I were emerging from the mess that prompted us to write the book, A Legacy Undone, we saw that what we had in place for our estate plan was incomplete and did not address two very important areas of concern for us. So what did we do? We did the same thing we teach, we searched for a great estate attorney.
How did we know she was great? She volunteers to help seniors create an estate plan. She turns down potential clients who want to be divisive toward family, or try to control things from the grave through their plan. She charged us a flat fee of $2,100.00 to do the work for us. The flat fee also included the ability to review and make changes so the wording and intent of our plan protected us as completely as possible.
Just one of the reasons we do what we do is because there are unscrupulous professionals out there and they do not deserve your business. There are also great professionals out there; it’s all about knowing what questions to ask during your due diligence.
Please leave comments and questions below, we love hearing from our readers!Jon Hull is Co-Author of the book, A Legacy Undone….An Extraordinary True Life Story That Will Make You Rethink Protecting Your Family. He writes about items to keep you safe and to protect families and their finances. You can read more articles by him at www.ALegacyUndone.com