How Much Does an Estate Plan Cost, and What Affects the Price?
Taking the step to create an estate plan is an important milestone that can prove invaluable to you and your family over time. As you start to dive into the process of estate planning, you will likely have questions about how much it will cost. While every situation is unique, general pricing information can give you a better idea of what to expect. Make sure to speak with an experienced St. Louis estate planning lawyer for legal guidance.
What Is the Average Price of an Estate Plan in Missouri?
In general, a basic or simple estate plan in Missouri will cost around $500 to $1,500. A more comprehensive or advanced estate plan can run anywhere from $2,000 to $5,000 or more. A complex estate plan may cost $6,000 to $10,000 or higher.
Although prices vary on a case-by-case basis, the following is a general breakdown of expenses you can expect during estate planning:
- Notarization and witnesses. In Missouri, certain documents (including a will) are only valid if signed before witnesses and a notary. The average cost of a notary in Missouri is between $5 and $20. You may also have to pay additional fees for the witnesses.
- Online estate planning tools. If you choose to handle your estate planning by yourself, either completely or partially, you may need to pay for digital tools or an online preparation service. The cost will vary based on the platform chosen, but is typically less than $500.
- Attorney’s fees. Estate planning lawyers can charge by the hour, a flat rate or as a percentage of the estate. The rates can vary significantly based on the legal services provided, the complexity of the estate plan and the lawyer. The average attorney’s fee to draft a will, for example, ranges from about $500 to $2,000.
- Updates or revisions. An estate plan is not something you only do once and never look at again. To accurately and consistently reflect your life, assets and goals for the future, you must update your estate plan after momentous life events or every few years.
You may also need additional funds to put into trusts, store or manage certain documents, or consult with financial advisors. While an estate plan may seem like a significant financial investment, a properly drafted plan can save you and your family an immense amount of money – not to mention time and stress – in the future.
What Factors Influence Estate Planning Cost?
The total price of your estate plan will depend on a variety of individual factors that are unique to you. Factors that can influence the total cost of your estate plan in Missouri include:
- The complexity and value of the estate
- Business ownership
- Assets across multiple states or countries
- Multiple beneficiaries
- The types of documents needed
- The tools and assistance you use
- Whether or not you hire an attorney
The structure of your plan and its complexity can directly affect its cost. While it’s normal to want to save money on your estate plan, it is important not to compromise on asset protection just for a lower price.
Hiring an Attorney vs. DIY Estate Planning
While crafting your estate plan yourself may seem tempting in terms of initial cost, it is imperative to think about the potential financial pitfalls that you or your loved ones could encounter in the future because of your do-it-yourself (DIY) approach.
Hiring an experienced estate planning attorney can save you thousands or even tens of thousands of dollars over your lifetime; not to mention the cost savings and benefits passed down to your heirs. A lawyer can navigate complex legal issues that you may not have thought about, such as estate taxation, to save you as much money as possible.
An estate plan is more than just an asset management tool. It represents the future of your legacy and family. The additional costs of hiring an attorney can be well worth it for the peace of mind you have knowing that your wishes will be carried out exactly as you desire. For a free consultation with an estate planning attorney in St. Louis, contact TdD Attorneys at Law.