Have you ever considered estate planning?
In case you have, you must have realized that composing and dealing with this plan by yourself, will definitely lead to some legal irregularities which will later on cost double. You sure know that the wisest option would be to hire a legal professional, actually an estate planning lawyer.
This person is going to advise you on the content of your will, the option to set up a living financial or medical trust, the option of giving power of attorney and provide you with information on taxes.
If one thing stops you from hiring an estate planning attorney, that is certainly its cost. Lawyers are known to be costly, but their fees depend on couple of factors such as the size of your property, the number of valuables and the possibility of a family disagreement. All these factors prolong the process and increase the price.
Hiring an estate planning attorney in Phoenix is not a problem, as there is a wide range of estate lawyers offering their services. However, before you decide to employ one, take a look at the following types of fees.
One thing you must enquire on the first meeting with your potential estate attorney is the charging method, since it varies from lawyer to lawyer.
A flat fee is a fixed price which an estate attorney will charge you, if your estate plan is undemanding and won’t take up a lot of his/her time. For instance, just setting up a living trust or writing a will.
In these cases, they use already prepared documents, which they have used in a number of similar cases before. They just change the information in the forms for every new client and the job is done.
This way of charging suits many clients, because the price is not flexible, and they are informed about the exact amount of money they are going to pay in the end. Clients also feel free to contact the lawyer for any additional questions they have, as these phone calls are included in the flat fee.
Bear in mind that flat fees are not the same at every estate attorney; they are based on the lawyer’s experience, the place where you live and the type of your case. Click here to read more about legal flat fees.
A more common way of charging is by the hour. This means that the estate attorney charges you for every hour he/she spends working on your case. Normally, there must be a detailed record on the number of hours and the kind of purpose they were used for. These hours are known as billable hours.
This method is suitable for more complicated estate plans, as the lawyer will spend more time working on dividing your property and belongings.
The hourly rate of every lawyer depends on the years of experience, whether he/she works in a big corporation or is a solo-practitioner. The ones working for a big law firm, charge more than those who own small law offices.
If you want the whole package, not just a will or a living trust, then you will be offered a package fee. This package is convenient for people who want to be legally prepared in a case of mental or physical disability. With this package you have the power to assign a person to do things on your behalf.
Obviously, it will cost you more, but you are going to be free of worries in this field for anything that might happen in the future.
Those of you who want further information on estate planning can visit the following link: https://www.entrepreneur.com/article/191796.
Which fee method is most convenient for clients?
No fee method can be the best, since clients choose it in accordance with their budget and requirements. However, it’s useful to be familiar with all types of fees.
Remember: Never hire an estate planning attorney if you hadn’t inquired about the charging method.
Expect to pay high bills, because the only thing that you can get for free is just the initial consultation, sometimes not even that!