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How Much Should Estate Planning Cost?
Estate-planning costs can vary significantly because not every family needs the same documents, strategies, or level of legal guidance. A straightforward will-based plan may cost much less than a trust-based or otherwise customized estate plan, but price alone does not tell you whether two planning options are actually comparable.
The better question is not simply, “How much does an estate plan cost?” It is, “What level of planning does my situation require, and what is included in the fee?”
At Fenton & Grimwood, we help clients understand the available options, the scope of the work involved, and the cost before deciding how to proceed.
Why Do Estate-Planning Fees Vary So Much?
Estate-planning fees vary because the amount of legal work involved can differ substantially from one family to another.
A straightforward plan may involve only a will and powers of attorney. Other situations may require a revocable trust, probate-avoidance planning, beneficiary-designation review, business-succession planning, special-needs planning, long-term-care considerations, or coordination of multiple assets and ownership arrangements.
The more issues that need to be identified, coordinated, and implemented, the more legal work is typically required. That is why two estate plans that both include a “will” or a “trust” may not actually be comparable in scope.
What Usually Makes an Estate Plan More Expensive?
Several factors can increase the amount of legal work involved in an estate plan, including:
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the use of one or more trusts;
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planning to avoid probate;
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blended-family or second-marriage concerns;
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minor or vulnerable beneficiaries;
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business or real-estate interests;
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long-term-care or Medicaid planning;
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tax-planning issues;
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special distribution instructions or asset-protection goals;
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and the need to coordinate beneficiary designations, account ownership, or trust funding.
None of these issues automatically requires a complicated plan. But each can create additional decisions, drafting, review, and implementation work. That is why the cost of estate planning is usually driven more by complexity and scope than by the number of documents alone.
Is a Lower-Cost Estate Plan Always a Better Value?
Not necessarily. A lower price may reflect a narrower scope, fewer planning decisions, less implementation support, or a more standardized process.
That may be entirely appropriate for someone with straightforward needs. But it can be misleading to compare estate-planning fees without also comparing what the service includes.
Important differences may include whether the attorney reviews asset ownership and beneficiary designations, whether probate-avoidance planning is included, whether trust funding or other implementation work is part of the engagement, and whether the plan is customized to address family, business, or long-term-care concerns.
The better comparison is not simply the total fee. It is the scope of the planning, the level of legal guidance, and whether the plan is designed to accomplish the client’s actual goals.
What Should an Estate-Planning Fee Include?
Depending on the matter, the fee may include meetings with the attorney, analysis of the client’s goals and circumstances, recommendations about the appropriate planning strategy, preparation and revision of documents, guidance on execution, and instructions or assistance with implementation.
For trust-based or probate-avoidance planning, implementation may also involve reviewing asset ownership, beneficiary designations, deeds, or trust-funding steps. Before comparing fees, it is worth asking exactly what work is included.
How Does Fenton & Grimwood Charge for Estate Planning?
Fenton & Grimwood generally charges a $200 consultation fee for traditional estate-planning consultations. During the consultation, an attorney reviews the client’s circumstances, discusses available planning options, and explains the recommended scope of work and fee.
If the client hires Fenton & Grimwood within seven days of the consultation, the $200 consultation fee is credited toward the legal fees for the engagement.
Most estate-planning matters are then handled on a flat-fee basis so clients know the cost of the agreed-upon planning work before moving forward.
For qualifying individuals and couples with straightforward will and power-of-attorney needs, Fenton & Grimwood also offers SimplyPrepared, a streamlined flat-fee service that does not require a traditional consultation.
What If I Am Not Sure Whether I Need Traditional Planning or SimplyPrepared?
You do not need to decide that before contacting us.
SimplyPrepared is designed for qualifying individuals and couples with straightforward will and power-of-attorney needs. Traditional estate planning is generally more appropriate when the situation involves trusts, probate-avoidance planning, blended-family concerns, business interests, long-term-care planning, tax issues, asset protection, or other circumstances requiring customized advice.
If you are unsure which path fits your situation, we can help determine the appropriate level of planning.
Not Sure What Type of Planning You Need?
You do not need to decide between a will, trust, SimplyPrepared, or another planning strategy before contacting us. We can help you understand which approach fits your circumstances.