I am routinely asked by friends, family, and colleagues in regard to what a “good estate planning lawyer should charge.” In addition, I am asked “what should I look out for when hiring an estate planning lawyer.” As I have been hearing these questions very routinely lately, I felt it was a great time to address these questions in my latest article.
These are such hard questions to answer as it is completely different for each family. In addition, it is hard for me to explain what is a reasonable fee to friends, families, and colleagues, as it always depends. However, there are some aspects that I believe that every family should look out for, plus I can explain how things work at our office.
First, I will address the concept of free consultations. Personally, I believe that this is becoming a dying policy. I know many of my colleagues that are completely doing away with Free Consultations. This is especially true in the area of estate planning, elder law, and family wealth transfer planning. When friends, family, and colleagues ask me what to expect as a consultation fee, I respond expect a fee between $350 and $750. However, I know many estate planning and elder law attorneys who will always credit the consultation fee toward your legal fees should you retain the attorney. We have a similar policy in our office.
However, what about legal fees for a good estate planning lawyer? This is always going to depend on the goals and wishes of the family, and more importantly, what the family wants to protect and provide for after death. In my experience, the legal fees for a good estate planning lawyer that will properly advise your family and create a family wealth transfer plan that will work, is going to charge between $3,500 and $7,000. If you find yourself paying less than this amount, you are most likely just buying documents and not legal counsel and advice on how this plan is going to work best for you and your family.
If you have questions about estate planning, or you are wondering what a proper family wealth transfer plan may look like for you and your family, please contact our office at (615) 427-2482 for a Family Wealth Transfer Planning Meeting.
If you are not ready to sit down with an attorney just yet, but you are still looking for more educational material, please review our articles, blogs, videos, and Free Books and Reports. I am sure you will find that this free information will answer your questions.
As always, we are here to help!