How Much Does Estate Planning Cost In Daytona Beach?

Estate planning is not reserved for only the wealthy or famous. All adults should have an estate plan in place to ensure they and their loved ones are protected. No one knows what the future will hold and having an estate plan in place will ensure you are cared for in the event that you become incapacitated, and that you outline your wishes for asset distribution if you pass away.

People procrastinate estate planning for many reasons. One of these is the belief that it is simply too expensive. Fortunately, that is not true. While no one can tell you the exact cost of planning your estate, as all cases are unique, there are some guidelines you can follow. Below, our Daytona Beach estate planning lawyer explains what these are.

Factors Impacting the Cost of Estate Planning

Typical estate planning packages range between $1,000 and $4,000. However, depending on your specific needs, the cost of your plan could be more or less than this.

For example, if you have few assets but minor children, you may only require a will. This will allow you to outline how you want your property distributed and name a guardian for your children. Drafting a will alone can cost anywhere between $300 and $1,000 or more. If your plan is much more complex and involves complex tax situations or trusts, the cost of estate planning can increase to approximately $10,000.

Is DIY Estate Planning Cheaper?

Many people try to avoid the cost of using a Daytona Beach estate planning lawyer by using the many do-it-yourself forms found online. Although these may seem convenient and more affordable, this does not make them the right choice for your plan. These forms do not always comply with Florida law, which means your wishes may not be fulfilled. You may also overlook important documents, such as a power of attorney, that would protect you as well as your loved ones.

Using standard templates to draft your estate plan can also result in mistakes that are very costly to correct. In the end, these forms could end up costing you or your family even more in the long run. It is always recommended to work with an attorney when creating your plan.

How to Reduce Estate Planning Costs

There are many ways you can reduce your estate planning costs when working with an attorney. These include:

Research different attorneys to review their backgrounds and pay structure.
When meeting with attorneys for the first time, ask about their rates and how long the process will take, as this will also impact cost.
Get an agreement in writing regarding what your attorney will do and the associated cost and ensure you and your lawyer both sign it.

Our Estate Planning Lawyer in Daytona Beach Can Help You Avoid Unnecessary Costs

At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you create a plan that is thorough and affordable for you. Call us today at 386-252-5170 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html