What Is The Cost Of A Simple Estate Planning Package

People frequently delay drawing up a Will or other pieces of an estate plan because of concern for the cost. However, the cost of preparing a simple estate plan package, compared to the expense of handling your estate without a Will or other estate planning documents, is a bargain.

The prices stated below are ballpark estimates for Texas only, subject to change over time, and based on the details and complexities of each individual situation.

Parts Of A Complete Simple Estate Planning Package

When we meet with clients about estate planning, we typically discuss several components of the package, not just a Will or trust.

Most people focus on drafting a Will as estate planning. There are several other key documents, however, to cover how to handle major life events that would affect your estate. A key example is the possibility of becoming incompetent as a result of dementia or Alzheimer's disease. A Will has no bearing on this situation.

These are the key documents we generally include in a simple estate planning package:

• A Will (with or without testamentary trust provisions included)
• A Statutory Durable Power of Attorney (for business matters)
• A Combination Directive to Physicians (Living Will), Medical Power of Attorney, and HIPAA Release
• A Declaration of Guardian
• Possibly a Lady Bird Deed or Transfer on Death Deed (for real estate or minerals)

Some situations may require more complex estate planning, such as Special Needs Trust provisions in a Will, a living trust, or other arrangements. However, for most people, a simple estate planning package is all they need.

Average Cost Of A Simple Estate Planning Package

A simple Will, by itself, where a husband and wife leave their estate to each other on death and to adult children on the death of the survivor, usually would range between $500 and $750 per person.

If there are minor children whose interests you would want to be held in trust until you believe they are mature enough to manage their inheritance (they would receive the inheritance at age 18 otherwise), the cost will likely be $750 to $1,000 per person. Any other special trust provisions you include will also increase the cost, depending on their complexity. 

A Special Needs Trust for a beneficiary who is physically or mentally incapacitated can provide for a beneficiary who may be receiving social security disability, Medicaid, or other government benefits, which you want to protect. Including this trust in your Will may increase the cost of the package. However, an outright bequest to such a person might disqualify them from receiving benefits that far exceed the cost of the Special Needs Trust.

The Statutory Durable Power of Attorney, the Combination Directive to Physicians (Living Will), the Medical Power of Attorney, the HIPAA Release, and the Declaration of Guardian are lumped together in one fee structure.  It is important to include these documents in your estate plan so that you are in charge of designating who will manage your financial affairs if you become incompetent, and who will make medical decisions for you if you are unable to do so yourself. The cost of this package is, on average, $500 per person. Generally, we charge a fee for an entire package, which includes these documents and your Will.

A Lady Bird Deed or Transfer on Death Deed can be used to provide the beneficiaries of real estate or mineral interests in Texas that will pass automatically to the beneficiaries you name upon your death. Either one of these deeds can be a very effective estate planning tool for many reasons, as discussed in this blog. 

If we prepare a Lady Bird Deed or Transfer on Death Deed for real estate you own, the fee is generally about $500, depending on the complexity of beneficiaries and the number of properties involved. In addition, there will be filing fees to record this deed in the county where the real estate is located.

How Much Will Your Estate Planning Cost?

As mentioned above, the cost of a simple estate plan will vary based on your personal assets, beneficiaries, and special circumstances. While these numbers may seem high, the cost of estate planning is well worth it, as it will save your family additional costs and frustrations in the future.

If you are in Texas and would like to discuss the best estate planning approach for your needs, contact Adair M. Buckner using the button below to request a free initial consultation*.

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* The free consultation does not cover the actual review of documents or giving legal advice on a specific situation.

** This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only provide specific advice after consulting with you and reviewing your exact situation.

*** The prices stated below are ballpark estimates for Texas only, subject to change over time, and based on the details and complexities of each individual situation.