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I have been putting this off, but I'm nearing 70 and recently got a new pet - a kitten - (didn't think I would) and there's a 50-50 chance she'll outlive me and I want to make sure she'll be protected and have a home to go in writing, not to mention that what assets I have left will go where I want them to go.
My question is, is a pricetag of $2000 for an elder law/estate planning specialist to work on my will with me too high? She comes highly recommended from a lawyer friend of mine; and the $2000 is a flat fee (which I like), since I will have lots of questions and there are some complexities. I don't plan on doing a trust (which would raise the fee). I believe that power of attorney and medical proxy are included in the fee.
I live in an expensive state. My total assets are not much over a million.
I have no idea what good lawyers charge for doing estate planning and wills.
I live in a HCOL area and paid $5000 6 years ago for a trust, will, POA, and medical proxy, so $2000 sounds reasonable for a will, POA, and medical proxy.
I have been putting this off, but I'm nearing 70 and recently got a new pet - a kitten - (didn't think I would) and there's a 50-50 chance she'll outlive me and I want to make sure she'll be protected and have a home to go in writing, not to mention that what assets I have left will go where I want them to go.
My question is, is a pricetag of $2000 for an elder law/estate planning specialist to work on my will with me too high? She comes highly recommended from a lawyer friend of mine; and the $2000 is a flat fee (which I like), since I will have lots of questions and there are some complexities. I don't plan on doing a trust (which would raise the fee). I believe that power of attorney and medical proxy are included in the fee.
I live in an expensive state. My total assets are not much over a million.
I have no idea what good lawyers charge for doing estate planning and wills.
I'm not sure where you live. Where I live this could be done for under $2,000.00. I would not expect to pay more than that for it.
Seems a little high but since it is a fixed price might be good for you since you have a lot of questions.
Do you know who will care for the cat. A friend or a rescue type group. Nail this down before you go to an attorney. If a group they should be able to give you good advice before you talk to an attorney. They may have sample language for you to use in your will.
For money related assets that you want to go to a specific person or charity you can name then as beneficiary on the accounts at the financial institution. No attorney needed. These will pass outside of your will and also avoid probate.
Ask the attorney how you can use a separate writing in the state. For items included you can usually change the beneficiary on your own without an attorney. The cat may go in this separate writing which will give your flexibility as circumstances change.
Does the 2000 include a health directive and a power of attorney? You should have these. They will be boiler plate and quick for the attorney to draw up for your with your wishes considered.
If you haven't, I would go to a few will making internet sites and read their instructions and suggestions. This will help educated you for your meeting with the attorney.
I have been putting this off, but I'm nearing 70 and recently got a new pet - a kitten - (didn't think I would) and there's a 50-50 chance she'll outlive me and I want to make sure she'll be protected and have a home to go in writing, not to mention that what assets I have left will go where I want them to go.
My question is, is a pricetag of $2000 for an elder law/estate planning specialist to work on my will with me too high? She comes highly recommended from a lawyer friend of mine; and the $2000 is a flat fee (which I like), since I will have lots of questions and there are some complexities. I don't plan on doing a trust (which would raise the fee). I believe that power of attorney and medical proxy are included in the fee.
I live in an expensive state. My total assets are not much over a million.
I have no idea what good lawyers charge for doing estate planning and wills.
I just had a will, POA, and living will done. His normal price is $1000, but he was a friend so I paid only $500. But I gather that $1000 is the going price around here.
For updating wills, financial power of attorney, and health care power of attorney for me, DH, and DS who is an adult I was quoted $2700 ($300 per document). We didn't end up going with the guy though.
Ours was a straight forward situation, and we did these ourselves instead, purchasing Quicken Willmaker and Trust (We didn't do a trust - just the other three documents for each of us.). When we were done with the documents, we made an appointment with our bank to go in and get everything notarized and got two of my son's friends to come in with us to be witnesses. After the session we took everyone out to lunch. The online program (think it's a littler higher now) at the time cost about $80.
I thought the online software was thorough and intuitive. It was a highly rated software package at the top of many different online willmaker reviewer lists. It had a provision for pet in it too and we put that in for our dog -- who he would go to and a monetary amount that would go to that person too.
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