How Much Does Estate Planning Cost in Dallas, Texas?

One of the top questions people in Dallas, Texas, ask estate planning attorneys pertains to the expense. Lawyers have a reputation for charging exorbitant fees, and lots of folks are of the opinion that the price of an attorney estate plan is likely to be rather high

So, how much does estate planning cost? And what determines the total owed?

We’d love to give you an exact number, but that’s really not possible, as the cost of an estate plan varies depending on the documents needed and the type of rate structure the lawyer uses. People might pay anywhere from a couple of hundred to several thousand dollars – but given that estate planning is a powerful tool for protecting assets and preserving wealth for future generations, it’s a worthwhile investment. Here, we take a closer look at what people pay for the services of an estate planning attorney.         

Every Estate Plan is Unique

As we mentioned, the price for an estate plan in Dallas, Texas, depends largely upon the documents needed. Some are more complex than others, and some require more time and attention. Plus, not everyone needs the same plan arrangement – and experienced estate planning attorneys prepare a personalized strategy to meet each client’s individual goals. Consider the following:

Example 1 :

For a younger couple with small children or a baby on the way, an estate plan focusing on guardianship and future financial security would be appropriate, as both parents could pass away in their early years. In this case, relatively straightforward documents – such as a will, appointment of a legal guardian and a basic living trust – may be all that’s required.

Example 2 :

With an affluent individual who has children from more than one relationship, wealth management and legacy planning would be the focus of the estate plan, but the family dynamics must be carefully considered. This situation requires more skill in document drafting and strategic organization, and multiple types of trusts, powers of attorney and other documents may be needed. 

The cost of hiring an estate planning attorney would likely be less for the younger couple than the wealthy individual. However, it’s important to note that the fees a lawyer charges aren’t simply for the time spent drafting documents. Using their knowledge, skill and expertise, attorneys are able to create a holistic plan that addresses each client’s individual needs and goals.

Types of Fees for an Attorney Estate Plan

Attorneys employ different rate structures for different services, and as such, people in Dallas, Texas, may receive a range of estimates for estate planning. When you’re trying to budget for the expense, you need to understand the type of legal fees your lawyer uses. Estate planning attorneys typically prefer one of these pricing systems:

Flat Fee

A flat fee, or fixed price, is what a lawyer might charge if they can easily assess your financial circumstances, family situation and any special needs and know which documents are required. With this arrangement, you might be required to pay all or part of the total cost before the legal work begins.

Billable Hour

For a complex estate plan – one that involves more than a simple will, powers of attorney and other rudimentary documents – Dallas estate planning attorneys generally charge an hourly rate. In this case, your lawyer might require a retainer of the total expected cost or a portion of that amount before starting work.

Although some legal professionals use contingency fee arrangements, that isn’t practical for an estate planning attorney. This rate structure only makes sense in situations where the client is expected to receive monetary compensation, like personal injury cases or workers’ compensation claims. With no opposing side, using this type of arrangement for an estate plan would be illogical.

Attorney Estate Planning Costs in Dallas, Texas

We’ve explained why there’s no universal price for an attorney estate plan, but the question remains – how much does estate planning cost in Dallas, Texas?

The initial consultation is often free of charge, as many attorneys, including the team here at Schultz and Kellar, PLLC, consider the meeting to be an opportunity to determine if their services align with the client’s requirements. That said, some lawyers charge a fee of $50 to $400 for a consult.

Moving on to the meat and potatoes, drafting a simple will or power of attorney document might cost as little as $200 to $300. On the other hand, an experienced estate planning attorney may charge more than $350 per hour for a complex arrangement, and the total amount a client pays for such services could be several thousand dollars.

As with so many things, do-it-yourself tools are available online – but with something as important as an estate plan, you’re better off working with a legal professional. The internet may be good for general information and creating a basic will, but if you want your heirs to avoid probate and you’re looking to minimize estate taxes, turning to an experienced estate planning attorney is the right choice. To schedule a free, no-obligation consultation at Schulz and Kellar, PLLC, contact our law office in Dallas, Texas, today.