Cons of Attorney Drafted Wills
A good attorney, like a pelican, can be recognized by the size of his bill. - O. Simpson
Having an attorney put together a will can be expensive. Whether they charge a flat fee or an hourly rate for their services, a basic will package can easily cost you several hundred dollars or more. The amount charged by the attorney will increase depending upon such factors as the attorney's hourly fee, the complexity of the will itself, and whether additional services are involved like establishing a trust or long-term tax planning.
You should never be in the dark as to what an attorney's services will cost you! Attorneys are required to clearly spell out their fees and go over them in advance with a client. Nevertheless, it should still be helpful for you to have a ballpark figure of the costs involved before meeting with the attorney.
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A basic will plan can easily cost you several hundred to several thousand dollars when you go to an attorney. These fees may include the price of a will, a living will, a health care proxy, and a power of attorney--although these certainly do not need to be bundled together. Moreover, the considerations involved in a "living will" are very different than those involved in making a "last will and testament."
If you set up a trust in addition to the above package, the price is likely to go up from there. Expect to pay more the more complex your will and your trust become.
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At the same time, it is also important to know what you are spending all this money on. Although they are generally competent and expected to handle any legal matter, attorneys do have varying degrees of skill and ability.
You wouldn't go to an gynecologist to get a knee replacement. Nor would you let your family practitioner perform brain surgery on you. In the same way, you must select an attorney who specializes in estate planning It can be a complicated area and you deserve to have a specialist working for your. You get the added value from an attorney who consistently works on estate planning and will drafting: they not only understand the law, they can interpret it for your situation and avoid any pitfalls that will end up costing those you leave behind. That's why choosing the right attorney can be so important. Take care in selecting the attorney that can provide the level of knowledge and experience you need.
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