In general, estate and trust lawyers assist their clients with planning where their assets will go after death and under what terms and conditions. The larger the estate, the more extensive the legal work becomes and the higher the legal fees.
Types of Estate and Trust Lawyers
Estate and Trust lawyers also go by Wills and Trust Lawyers and Estate Planning Lawyers. The scope of their skills is quite broad, so many such lawyers carve out their practice niche from the legal tasks mentioned below.
Some of these lawyers become certified estate and trust planning specialists, which requires additional legal training and usually higher fees.
Types of Legal Work Estate and Trust Lawyers Perform
Estate and trust lawyers can assist you in drafting a will and making changes to an existing will, such as changing beneficiaries or the specific conditions that must be satisfied before a beneficiary can participate in the estate inheritance.
Estate and trust Lawyers also perform tasks such as:
- Advise on estate planning strategy
- Set-up of the estate and administration process
- Set up a guardianship
- Provide estate tax advice
- Draft a specific type of power of attorney documents
- Establish a conservatorship and executorships
- Develop ways to avoid probate
- Assist you in preparing a living will (health care directive)
- Represent you should there be challenges to the estate
Estimated Legal Fees For Estate and Trust Planning
The estate and trust lawyer fees will mostly depend on your jurisdiction. Some lawyers will charge a flat fee of $300 to $1000 for a simple will.
If you require tax planning or the creation of specialized trusts, your price range will probably be between $2,500 and $5,000, depending on where you live.
For larger and more complicated the estate, the less likely the lawyer will accept the case on a flat fee basis. Estate and trust attorneys will likely charge you by the hour and require a substantial retainer before commencing work.
Depending on your jurisdiction, you will find hourly rates for these estates ranging from $350/hr to $800/hr. or more.
Retaining Your Estate and Trust Attorney
- First, it is suggested that you consult with more than just one estate and trust lawyer before deciding to retain one. Here are a few questions you should consider asking the attorney.
- What percent of your practice involves trusts and estate planning?
- You want an attorney that practices almost entirely in this area of law. If they hold a certified specialization in this area, you’re probably in very good hands.
- Ask the lawyer what specific documents they will need to be drafted in your estate plan.
- Find out if it will include both a will and a trust and whether tax planning will be involved in the work. If there are minors, you will want to determine if a legal guardianship needs to be set up and how much that might cost.
- Do you charge by the hour or by a flat fee?
- Will he be charging a flat fee, or will a retainer be required? What is the attorney’s hourly charge?
- Some lawyers will offer you a living will and a health care power of attorney. These are very simple forms and require very little time to prepare.
- While they are good to have, especially if you are an older adult, make sure the price you are charged for these documents reflects the time the lawyer will spend preparing them for you.
Locate An Estate And Trust Lawyer
Should you need assistance, consider consulting with an online verified Estate Lawyer.
