Breaking Down the Cost of Estate Plans
Most people want to preserve their wealth and transfer it to the next generation while avoiding tax liability as much as possible. Accomplishing that requires careful estate planning—but estate planning isn’t free. The amount you’ll spend on estate planning will depend on the particular services you need and the type of estate planning professionals you choose to work with.
What do you need?
- Advance directive for healthcare.
- Durable power of attorney
If you're concerned about estate taxes, you may need additional estate planning services, such as irrevocable trusts.
Determine fee structures
Most attorneys charge clients in one of two ways:
You'll know upfront how much you’ll be required to pay, but make sure you understand the parameters (the attorney may require that all work be completed within a certain period of time, a certain number of meetings, allow only a certain number of changes to documents, etc.)
What prices should I expect?
Fees will vary, but these ballpark prices can help you prepare.
Advance directive for health care, with an attorney
$150 to $500
Durable power of attorney
$150 - $1,000+
$1,000 - $2,500
Choose the right attorney
Look beyond price. Consider:
- Willingness to answer questions
- Understanding of your needs
Think about your comfort level.
Meet in person—the attorney will be handling your personal information and your family’s future.
Estate planning will offer value by protecting your assets and your family. Consult with a Fifth Third Advisor to get your estate planning started.