cost of an estate plan

How Much Do Estate Plans Cost?

It’s human behavior to weigh both the cost of a product or service and its value before we make the purchase. Will I get my money’s worth? Will the product or service improve my life in some way? Will I regret my decision later? 

When we talk with clients about their interests in setting up an estate plan, one of the questions they ask early on is how much the estate plan costs.

Knowing both the cost and value of an estate plan is essential. First, estate planning isn’t just reserved for the rich and the elderly. Most everyone with assets of any type or amount should have an estate plan. It doesn’t matter how wealthy or healthy you are or your age — or whether you’re married or have children — estate planning helps safeguard your future.

When you avoid the estate planning process, you can make a bad situation far worse. For instance, if you die tomorrow without a will or trust, your estate will be subject to division according to Arizona’s laws of intestate succession. This means the wealth you accumulated over your lifetime may not go to the beneficiaries you would have preferred. Without leaving clear instructions, your family and friends are left with many unanswered questions. This could result in a court battle over your estate, and that’s the last thing most people want for those they leave behind.

Estate Plan Statistics in the U.S.

If estate plans carry so much value, why is it that six out of 10 Americans don’t have one in place? We know that cost (or the perceived cost) can be one reason for this statistic. And there are other reasons people don’t have an estate plan, including thinking they’re too young to need one. (We talk more about these barriers in this article, Top 4 Excuses People Use to Avoid Estate Planning.)

Bob Monroe, estate plan attorney at Fleming & Monroe, talks about the cost of estate plans.
Estate planning attorney Bob Monroe talks about the cost of estate plans and his firm’s pricing philosophy. (Fleming & Monroe doesn’t believe in charging by the hour for estate plan work.) Watch Bob’s short Facebook Live video.

Estate Plans Don’t Have to Be Expensive

Our approach for helping clients with estate planning needs is one that, we know from experience, helps relieve stress and concern about the process — for example, we:

  • Offer a free consultation. This allows you to meet us and see if we’re a good fit for your needs. For some of our estate plan clients, this is the first time in their life that they ever had to speak with an attorney. It can feel like an intimidating process, but we work to not make it seem that way. We don’t “start the clock” right away and want to put clients at ease.
  • Answer every question you have throughout the entire process. Our attorneys, Jacob Fleming and Bob Monroe, are here to address any concerns and questions you have. They make time to explain hard-to-understand terminology and any confusing topics. Jacob and Bob won’t “talk over your head,” and our clients say they appreciate this.
  • Don’t charge by the hour for estate plans. You won’t have to worry about how many hours the estate plan work takes us. We agree to a set price up front and do what’s required to complete the plan documents you choose.
  • Accept credit cards and offer payment plans. Some of our clients pay the estate plan fee by check or cash as soon as they agree to work with us. Others prefer to use a credit card for payment, and some clients ask for a payment plan option to spread out the expense. You’ll choose the payment method that’s best for you.
  • Offer a variety of affordable estate plan packages. We offer packages for families and individuals and options that allow people to choose only the estate plan documents they need.

Our Average Estate Plan Costs

We have several estate plan packages*, which we will cover with you during the free consultation. For example, our least-expensive package, the power of attorney, is $400 for an individual and $700 for a couple. Our trust package is $2,200 for an individual and $2,500 for a couple. We have other packages, too.

How Can We Help You?

If you’ve been putting off the decision to get an estate plan due to cost or other concerns, we hope this information is helpful.

Are you ready to take the next step? Take advantage of a free consultation, and contact us today. You can complete the form on our website or call us now at (480) 534-7355.

Contact Fleming & Monroe for your estate planning or personal injury law needs*Estate plan package options and prices are effective July 1, 2020. Please note that depending on when you read this article, our packages and prices may have changed. Please contact us for current information.