Cost of Estate Planning

[Anonymous]

Anonymous wrote:I'm so glad that I found this as I have been looking for an estate attorney. I'm a single parent with 1-1.5 million in assets, 1 child (teen), 1 owner occupied property and was quoted $7500 which sounded excessive. Can anyone recommend someone good and decently priced in DC? I come from a family that usually has to raise donations to bury people and I do not want to pass along that dysfunction or stress to my kid.

I'm a Fed, so have a TSP, Roth IRA, 529, a meager amount in a Schwab account, a 2 term life insurance policies.

You need a financial planner. They can help with this and more.

[Anonymous]

We were just quoted $4,600 by an individual referred by a friend of ours. Includes will, trust, POAs, and deed filing. Seems on the high end but not out of the ballpark of costs? Can more people share what they paid?

[Anonymous]

We are waiting to redo our nearly 20-year-old estate plan, but waiting until after they extend the 2017 Trump tax cuts. Our 20-year-old one is dated with an A / B trust or spillover trust, which was needed before the much more generous estate tax exemption. But when I redo our Trusts, I am not using a professional again. I was given a thick packet of forms to sign that I did not fully understand but felt we needed to sign them since we had a child on the way. Going forward, I will use one of the online options like wealth.com

When considering estate planning, several online platforms offer services similar to Wealth.com. Notable alternatives include Trust & Will, FreeWill, and Vanilla. Trust & Will provides digital estate planning documents tailored to individual needs. FreeWill offers free online software to help individuals draft wills and make charitable contributions. Vanilla is an all-in-one estate planning software designed for advisors, simplifying the estate planning process for both professionals and clients.
JUSTVANILLA.COM

Pros of Online/Subscription Services:

Accessibility and Convenience: These platforms allow users to create estate planning documents at their own pace, often with user-friendly interfaces.

Cost-Effective: Online services typically offer lower prices compared to traditional attorney fees, making estate planning more affordable.

Educational Resources: Many platforms provide resources to help users understand estate planning concepts.

Cons of Online/Subscription Services:

Lack of Personalization: Online forms may not account for unique or complex situations, potentially leading to inadequate planning.

Legal Nuances: Estate laws vary by state and change over time. Online platforms might not always reflect the most current legal requirements specific to your jurisdiction.

Validity Concerns: Improper execution or failure to meet state-specific formalities can render documents invalid.

Pros of Using an Estate Planning Attorney:

Customized Planning: Attorneys can tailor estate plans to address specific needs, complexities, and goals.

Up-to-Date Legal Knowledge: Attorneys stay informed about current laws and can ensure documents comply with state-specific regulations.

Comprehensive Advice: They can provide guidance on various aspects of estate planning, including tax implications and asset protection strategies.

Cons of Using an Estate Planning Attorney:

Higher Costs: Personalized services from attorneys are generally more expensive than online alternatives.

Time-Consuming: The process may require multiple consultations, leading to a longer timeline.

Regarding the legality of online forms in Virginia, it's important to note that Virginia law has specific requirements for estate planning documents. While electronic signing and notarization are permitted for certain documents, wills have stricter formalities. An improperly executed will, even if created online, may be deemed invalid. Therefore, it's crucial to ensure that any estate planning documents comply with Virginia's legal requirements.
WILLIAMSMULLEN.COM

Further Considerations:

Complexity of Your Estate: If your estate involves significant assets, business interests, or complex family dynamics, consulting with an attorney may be more appropriate.

State-Specific Laws: Given that estate laws vary by state, ensure that any online service you consider is tailored to Virginia's regulations.

Regular Updates: Estate plans should be reviewed and updated periodically, especially after major life events or legal changes. Determine how each service facilitates updates to your documents.

By carefully weighing these factors, you can make an informed decision that best suits your estate planning needs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most people don’t need a living trust. It’s a money grab by the estate planning trade. It’s fine to direct the establishment of a trust in the event you die with minor children, but putting all your assets in a living trust is generally an unnecessary complication in life. Don’t let the attorney convince you that it is necessary to avoid probate because that is “such a long and expensive process.” That is also generally not true.

This person says this every single post. Wills are public. Anyone can get a copy of your will after you die. Do you want the world to see, for example, that young children who lost both parents got a pot of money? The person posts that going through probate is easy. Bull. So many people will tell you otherwise. The trust directs things and makes it easier. I worried my kids would be at the mercy of an unscrupulous lawyer without the trust.

You’d rather your kid be at the mercy of an unscrupulous trustee? Trustees have almost no formal oversight. You can do a quick search of this forum and find dozens of examples of people who got screwed by a trustee (whether through malice or incompetence) and ended up in litigation. The transparency and oversight of the Court process is a good thing. Having been through probate multiple times, I’m less concerned about randos googling the probate records than I am shady cousin Larry mishandling the estate (usually to his own benefit).

[Anonymous]

Anonymous wrote:We are waiting to redo our nearly 20-year-old estate plan, but waiting until after they extend the 2017 Trump tax cuts. Our 20-year-old one is dated with an A / B trust or spillover trust, which was needed before the much more generous estate tax exemption. But when I redo our Trusts, I am not using a professional again. I was given a thick packet of forms to sign that I did not fully understand but felt we needed to sign them since we had a child on the way. Going forward, I will use one of the online options like wealth.com

When considering estate planning, several online platforms offer services similar to Wealth.com. Notable alternatives include Trust & Will, FreeWill, and Vanilla. Trust & Will provides digital estate planning documents tailored to individual needs. FreeWill offers free online software to help individuals draft wills and make charitable contributions. Vanilla is an all-in-one estate planning software designed for advisors, simplifying the estate planning process for both professionals and clients.
JUSTVANILLA.COM

Pros of Online/Subscription Services:

Accessibility and Convenience: These platforms allow users to create estate planning documents at their own pace, often with user-friendly interfaces.

Cost-Effective: Online services typically offer lower prices compared to traditional attorney fees, making estate planning more affordable.

Educational Resources: Many platforms provide resources to help users understand estate planning concepts.

Cons of Online/Subscription Services:

Lack of Personalization: Online forms may not account for unique or complex situations, potentially leading to inadequate planning.

Legal Nuances: Estate laws vary by state and change over time. Online platforms might not always reflect the most current legal requirements specific to your jurisdiction.

Validity Concerns: Improper execution or failure to meet state-specific formalities can render documents invalid.

Pros of Using an Estate Planning Attorney:

Customized Planning: Attorneys can tailor estate plans to address specific needs, complexities, and goals.

Up-to-Date Legal Knowledge: Attorneys stay informed about current laws and can ensure documents comply with state-specific regulations.

Comprehensive Advice: They can provide guidance on various aspects of estate planning, including tax implications and asset protection strategies.

Cons of Using an Estate Planning Attorney:

Higher Costs: Personalized services from attorneys are generally more expensive than online alternatives.

Time-Consuming: The process may require multiple consultations, leading to a longer timeline.

Regarding the legality of online forms in Virginia, it's important to note that Virginia law has specific requirements for estate planning documents. While electronic signing and notarization are permitted for certain documents, wills have stricter formalities. An improperly executed will, even if created online, may be deemed invalid. Therefore, it's crucial to ensure that any estate planning documents comply with Virginia's legal requirements.
WILLIAMSMULLEN.COM

Further Considerations:

Complexity of Your Estate: If your estate involves significant assets, business interests, or complex family dynamics, consulting with an attorney may be more appropriate.

State-Specific Laws: Given that estate laws vary by state, ensure that any online service you consider is tailored to Virginia's regulations.

Regular Updates: Estate plans should be reviewed and updated periodically, especially after major life events or legal changes. Determine how each service facilitates updates to your documents.

By carefully weighing these factors, you can make an informed decision that best suits your estate planning needs.

Please don’t post AI crap on these forums.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most people don’t need a living trust. It’s a money grab by the estate planning trade. It’s fine to direct the establishment of a trust in the event you die with minor children, but putting all your assets in a living trust is generally an unnecessary complication in life. Don’t let the attorney convince you that it is necessary to avoid probate because that is “such a long and expensive process.” That is also generally not true.

Hold on a minute. My in laws set up a living trust at my spouse's suggestion and it made things very, very easy when they passed, I totally disagree with you on this. Probate may not always be "long and expensive," but it is definitely longer and more expensive than having a trust -- and it's also a public process. Some folks value their privacy.

People who say it is not necessary have never been through the probate process. Trusts also help protect assets from lawsuits, help protect your heirs' assets in case of divorce, and help you distribute assets on a schedule. Lots of upside.

I’ve been through probate four times. I am a lawyer and have had friends who are excellent will and trusts attorneys tell me I don’t need a revocable trust every time I’ve asked. Other than avoiding probate, a testamentary trust will achieve all your other listed goals. On top of which, most people don’t stay on top of titling everything into the trust properly so they end up in probate anyway. Not to mention having court oversight can be a good thing if you don’t have 100% faith in your trustee (and even if you do). Unless you’re Bill Gates nobody cares what’s in your will.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are waiting to redo our nearly 20-year-old estate plan, but waiting until after they extend the 2017 Trump tax cuts. Our 20-year-old one is dated with an A / B trust or spillover trust, which was needed before the much more generous estate tax exemption. But when I redo our Trusts, I am not using a professional again. I was given a thick packet of forms to sign that I did not fully understand but felt we needed to sign them since we had a child on the way. Going forward, I will use one of the online options like wealth.com

When considering estate planning, several online platforms offer services similar to Wealth.com. Notable alternatives include Trust & Will, FreeWill, and Vanilla. Trust & Will provides digital estate planning documents tailored to individual needs. FreeWill offers free online software to help individuals draft wills and make charitable contributions. Vanilla is an all-in-one estate planning software designed for advisors, simplifying the estate planning process for both professionals and clients.
JUSTVANILLA.COM

Pros of Online/Subscription Services:

Accessibility and Convenience: These platforms allow users to create estate planning documents at their own pace, often with user-friendly interfaces.

Cost-Effective: Online services typically offer lower prices compared to traditional attorney fees, making estate planning more affordable.

Educational Resources: Many platforms provide resources to help users understand estate planning concepts.

Cons of Online/Subscription Services:

Lack of Personalization: Online forms may not account for unique or complex situations, potentially leading to inadequate planning.

Legal Nuances: Estate laws vary by state and change over time. Online platforms might not always reflect the most current legal requirements specific to your jurisdiction.

Validity Concerns: Improper execution or failure to meet state-specific formalities can render documents invalid.

Pros of Using an Estate Planning Attorney:

Customized Planning: Attorneys can tailor estate plans to address specific needs, complexities, and goals.

Up-to-Date Legal Knowledge: Attorneys stay informed about current laws and can ensure documents comply with state-specific regulations.

Comprehensive Advice: They can provide guidance on various aspects of estate planning, including tax implications and asset protection strategies.

Cons of Using an Estate Planning Attorney:

Higher Costs: Personalized services from attorneys are generally more expensive than online alternatives.

Time-Consuming: The process may require multiple consultations, leading to a longer timeline.

Regarding the legality of online forms in Virginia, it's important to note that Virginia law has specific requirements for estate planning documents. While electronic signing and notarization are permitted for certain documents, wills have stricter formalities. An improperly executed will, even if created online, may be deemed invalid. Therefore, it's crucial to ensure that any estate planning documents comply with Virginia's legal requirements.
WILLIAMSMULLEN.COM

Further Considerations:

Complexity of Your Estate: If your estate involves significant assets, business interests, or complex family dynamics, consulting with an attorney may be more appropriate.

State-Specific Laws: Given that estate laws vary by state, ensure that any online service you consider is tailored to Virginia's regulations.

Regular Updates: Estate plans should be reviewed and updated periodically, especially after major life events or legal changes. Determine how each service facilitates updates to your documents.

By carefully weighing these factors, you can make an informed decision that best suits your estate planning needs.

Please don’t post AI crap on these forums.

I found it useful that there are online alternatives. Chill out.

[Anonymous]

Anonymous wrote:A solo practitioner can do it for $800-1500. A bigger firm will probably be more like $2000-4000. Bigger is not necessarily better.

These are way off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most people don’t need a living trust. It’s a money grab by the estate planning trade. It’s fine to direct the establishment of a trust in the event you die with minor children, but putting all your assets in a living trust is generally an unnecessary complication in life. Don’t let the attorney convince you that it is necessary to avoid probate because that is “such a long and expensive process.” That is also generally not true.

This person says this every single post. Wills are public. Anyone can get a copy of your will after you die. Do you want the world to see, for example, that young children who lost both parents got a pot of money? The person posts that going through probate is easy. Bull. So many people will tell you otherwise. The trust directs things and makes it easier. I worried my kids would be at the mercy of an unscrupulous lawyer without the trust.

You’d rather your kid be at the mercy of an unscrupulous trustee? Trustees have almost no formal oversight. You can do a quick search of this forum and find dozens of examples of people who got screwed by a trustee (whether through malice or incompetence) and ended up in litigation. The transparency and oversight of the Court process is a good thing. Having been through probate multiple times, I’m less concerned about randos googling the probate records than I am shady cousin Larry mishandling the estate (usually to his own benefit).

This. My trustee has told me that she’s spending my trust on herself. What am I going to do, sue her?