What is the Cost of Estate Planning?

One of the most common questions we get about estate planning is how much it costs. It’s not a quick, easy answer because it depends on what you’re looking for. Also, NOT having estate planning may cost your heirs a lot more in the long run. In this blog post, we’ll explore how much estate planning costs and what might be owed to an attorney if your estate should go to probate court.

Depending on what you’re looking to get out of your estate planning, costs can vary greatly. Getting a will for yourself or you & a spouse is relatively inexpensive, but you must understand wills do not get you out of probate. In Missouri, a will can be used as a directive by the court during probate, but your estate will still have to go through the complete legal probate process. If you want a full estate planning package, the cost will increase. The cost variation depends on what types of assets you own, any businesses you may have an interest in, etc. Setting up a consultation with our attorney, Daniel Finder, will allow you to sit down and discuss your individual needs. Then, he can give you a definitive price quote.

Most people know probate is a legal process, but don’t think about the costs associated with it. In many cases, heirs will be either too busy, too overwhelmed or simply feel incapable of understanding what needs to be done. Usually, an attorney will be hired by one of the heirs to open the case. In Missouri, probate attorneys are paid by statute, meaning their fees are determined by the value of the estate. The fees work like tax brackets, but in reverse. As of 2024, the attorney will receive 5% of the first $5,000, 4% of the next $20,000, 3% of the next 75,000, etc. Meaning, as the value of the estate grows, the attorney receives less of a percentage of the estate’s value. Even for a modest estate value of approximately $50,000, the attorney would receive $1,750, plus their costs for filing the case, publication fees, etc. This would easily exceed $2,000. But in a case that includes a home, vehicles, bank accounts, etc., that amount could skyrocket. Therefore, it’s advantageous for most people who own property to invest in estate planning prior to their passing. In the long run, it will not only be cheaper, but also faster. Probate cases usually take at least 6 months but can extend well past that based on issues that come up in the case.

Our estate plans are tailored to each client’s individual needs and wishes. Discussing your situation with our attorney will allow him to advise you on the best way to accomplish your goals & how much that will cost. We have extensive experience & knowledge in both estate planning and probate court, so we can help you no matter what situation you may be facing. If you want to establish an estate plan to take the stress off your heirs in the event of your passing, we can get all the documents in order you would need. If you are facing the reality of having to probate an estate of a loved one, we are here to help with that too. Our attorney has over 10 years of experience and can easily guide you through the planning or probate process. While it can be stressful preparing for when you’re no longer here, doing the planning for your heirs will greatly reduce their stress & you can ensure that your assets will be handled according to your wishes.