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Daytona Beach Lawyers > Blog > Estate Planning > How Much Does Estate Planning Cost In Florida?

How Much Does Estate Planning Cost In Florida?

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As with many legal tasks, many people procrastinate when it comes to estate planning. Some are simply uncomfortable with the idea of planning for their final days, while others are worried about the cost. Those who are concerned about how much estate planning will cost them often try different methods, such as finding do-it-yourself forms online and simply filling them out. However, this is a mistake that could ultimately cost you and your loved ones. Below, our Daytona Beach estate planning lawyer outlines the cost of estate planning, and how you can reduce your legal fees.

How Expensive is Estate Planning in Florida? 

Estate planning in Florida does not have to be expensive. Generally speaking, estate planning can cost anywhere between $1,000 and $4,000. However, there are times when the process can cost less or more. For example, if a person only needs a last will and testament or wants to set up a power of attorney, the costs can range anywhere from $300 to $1,000. On the other hand, if an estate has a complex tax situation or there are many assets or trusts that need to be administered, the costs can increase to approximately $10,000.

Clearly, no two estates are exactly alike and the costs will range depending on the amount of property within an estate, and the value of those assets.

Is it More Affordable to Draft Your Own Estate Plan? 

With so many do-it-yourself templates online, it is tempting to try and avoid legal fees by drafting an estate plan on your own. Unfortunately, these forms are not always legally valid in Florida. Additionally, even the smallest mistake could result in your plan being rendered null and void, meaning your final wishes will not be upheld. Lastly, if you have to go back and draft an entirely new estate plan in the future, the costs will add up and doing it yourself the first time could actually cost you more than working with a Daytona Beach estate planning lawyer from the very beginning.

How to Reduce the Cost of Estate Planning 

Also like with so many legal tasks, there are ways you can minimize the cost of estate planning. These include:

  • Know your goals going in: A lawyer can help you determine certain goals for estate planning. However, you should have a basic idea of what you need and how you want your property distributed. This will reduce the amount of time you have to work with an attorney, which can lower the cost.
  • Discuss costs openly: Ask any lawyer you meet with what their fee structure is and how much they charge. This will help you better understand the expenses you will face so you can prepare for them.
  • Get it in writing: After choosing the lawyer you want to work with, make sure all of the agreed upon terms are in writing. This includes not only the costs you will be responsible for, but also the tasks the lawyer will complete in exchange for those costs.

Call Our Estate Planning Lawyer in Daytona Beach Today 

Estate planning does not have to be expensive. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you prepare a comprehensive plan that will reflect your wishes without excessive fees and expenses. Call us now at 386-252-5170 or contact us online to schedule a consultation.

Source:

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

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