When getting an estate plan many Americans are very price conscious. However, the cheapest way to get an estate plan might not be what is needed.
Consumers typically like to pay as little as they can for something. This is a basic notion that companies, such as Amazon and Wal-Mart, have used to become behemoths in the retail industry.
Fundamentally, consumers of legal services are not much different than price-conscious Wal-Mart shoppers. People are sometimes willing to pay more for a higher quality product. However, they are still looking to pay as little as possible.
That can be a problem for people who are looking for estate planning services, since the cheapest options might not be as detailed as people need. This was the topic of a CNBC article titled “How to protect your family beyond death – without losing your shirt.”
You can get an estate plan online for a relatively cheap price. However, that estate plan might include far less than what you really need. This can lead to problems for your estate after you pass away. Those problems will be far more expensive to fix, than hiring an attorney now to get the appropriate plan for your estate.
How much you will have to pay an estate planning attorney, generally depends on the complexity of your situation, as well as the attorney’s experience and local market conditions. If you have a complex estate with many assets, you will most likely pay more for an estate plan.
It is still a good idea to do some shopping around for estate planning services to make sure you are getting a plan that covers everything you need from an attorney you trust.
Reference: CNBC (April 26, 2018) “How to protect your family beyond death – without losing your shirt.”