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Average cost of Estate planning
Average cost of Estate planning Miami

The average cost of estate planning in Miami varies with the complexity and value of the estate in question. When you own an estate worth millions, it is important to hire an estate planning attorney in order not to make costly mistakes trying to do it yourself. By hiring an attorney, the cost of your estate plan will consequently increase due to attorney fees, but it is worth every dime.

There are important documents which should be included in every effective estate plan, and one must be ready to spend a little sum to prepare such documents whether by DIY or with the help of an attorney. We shall be discussing some of these documents alongside their expected average costs.

Average cost of preparing a Miami will

Drafting the will

It is not a legal requirement to hire an attorney to write your will. However, if you own a complex estate and you need professional advice to know what form your estate plan should take, a Miami estate planning attorney should be consulted or hired. They help ensure that your will meets every legal requirement to make it valid and effective in Miami; an estate planning attorney can also draft the will in such a way that simplifies and shortens Probate, so that your beneficiaries can inherit your wealth quickly.

Doing it yourself

It is always cheaper drafting your will yourself although this may not always be the best option (unless the estate is a small one with simple assets). There are will templates online which you can obtain for as little as $10 or more if you require a more advanced template. Will templates meet with state guidelines so you need not worry about validity. Note that you must use a Miami will template for a Miami estate plan.

You can also contact an estate planning for consultancy in creating your estate plan. Since they would only be playing an advisory role, the average cost of the estate planning would not be as much as when it’s left in their hands.

Average cost of preparing a will with the help of an attorney

The average cost that a Miami attorney will charge for creating a will is about $370, give or take $100 depending on the nature of your estate. If your attorney would be in charge of updating the will when the need arises, there will be some extra costs.

Other important estate planning documents that should be included in an effective estate plan

  • Trust: When you have minors or kids with special needs, you can leave funds in a trust for them so that a trustee can manage the funds on behalf of your children. A revocable trust can also help you avoid the stress and expenses of Guardianship proceedings during incapacity. Your trustee simply steps into your shoes and manages your personal and estate affairs. On the other hand, Guardianship proceedings in a Miami law court may consume $5,000 or more.

A trust is more expensive to create than a will but given all these benefits, it is so worth it.

  • Powers of attorney: if you do not create a living trust, then creating financial and healthcare powers of attorney becomes mandatory in order to appoint those to handle and make financial and healthcare decisions respectively on your behalf.
  • Living will: Your living will contains your wishes concerning the kind of healthcare you want during end of life situations.

Average cost of estate planning in Miami

An effective estate plan should comprise all the above estate planning documents and even more depending on your situation. It therefore points to the fact that looking for the cost of establishing one document doesn’t do justice. One should therefore try to get the attorney’s estimate for creating the overall estate plan. For a married couple with kids, the average cost of estate planning in Miami without tax planning ranges from $1,500 to $2,200. Your estate planning attorney may require an initial consultation fee of $200-$300.

Peace of mind

You sleep better knowing that your estate would be in competent hands when you’re old, and that your loved ones would get what you want for them when you’re gone. Peace of mind is golden, and the cost of estate planning is incomparable. Contact an estate planning attorney Miami for your peace of mind and that of your loved ones.