What Does Estate Planning Cost In Florida?

There are many reasons people delay estate planning. Some people are simply uncomfortable talking about death. Others believe that they do not need to plan for their estate because they do not have significant assets or wealth. Of all the relays to procrastinate making an estate plan, the cost is a barrier many people find difficult to overcome. Fortunately, estate planning is not as costly as many people believe. Below, our St. Petersburg estate planning lawyer breaks down the associated costs.

Average Cost of Estate Planning in Florida 

The average cost of estate planning in Florida is between $1,000 and $4,000. Of course, depending on the facts of a case and a specific estate, the costs can be more or less. For example, if you only require a simple estate plan, such as a will or power of attorney, the cost may range between $300 and $1,000. On the other hand, when an estate is more complex, such as one that involves significant tax implications or a great deal of property, it may cost $10,000 or more.

It is important to remember that the cost of a plan will depend on the specifics of the estate in question. The cost you ultimately end up paying will depend on the facts of your estate, the services you require,  and your attorney’s fees.

Saving Costs by Doing it Yourself 

You may be tempted to save some of the costs by drafting your own estate plan. If you wish to do this, you can find many templates and forms online that can help. However, this is not recommended. There are many laws governing estate planning and online forms and templates may not be current or comply with these laws. Additionally, without legal guidance it is fairly easy to make a mistake when filling out these forms. Any mistake can render an estate planning document void, or cause unnecessary delays.

How to Reduce the Cost of Estate Planning 

Although there will always be some type of cost associated with estate planning, there are tips you can follow to reduce them. These include:

• Prepare beforehand: Before even meeting with your estate planning lawyer, know what you own, the debts you owe, the beneficiaries you want to leave an inheritance to, and who you want to manage your estate after you pass away.
• Keep it as simple as possible: It is true that some estates are complex. If you have significant wealth or assets, there may not be a lot you can do to simplify it. However, there are some strategies you can utilize to make things simpler. Your attorney can advise on how to keep your plan as simple as possible so you can keep costs as low as possible.
• Research attorneys: Different attorneys charge different fees and it is important to know what these are before hiring one. Although legal fees are a small price to pay to ensure your future is protected, you need to make sure that you will not be surprised by very high fees.

Our Estate Planning Lawyer in St. Petersburg Can Help with Your Affordable Plan 

Estate planning does not have to cost so much that it will jeopardize your loved ones’ inheritances. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning lawyer can help you create a plan that is comprehensive and affordable so you and your family are protected. Call us now at 727-471-5868 or contact us online to schedule a consultation and to learn more about how we can help with your case.

Sources:

flsenate.gov/laws/statutes/2010/709.08

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