Estate Planning for Families: Time & Money

Common Reason #3: I do not have enough time or enough money to hire an estate planning lawyer.

Q: How much do you pay your financial planner on an annual basis?

A: You either pay by the hour, or you pay at least 1% annually based on your total assets under management. For example, if you invest $200,000, you pay $2,000 annually for your financial advisor to manage your investments.

The only difference between financial advisory services and legal services, is that you pay your lawyer out of pocket, which can sometimes feel more burdensome. However, while you may save money upfront, it is likely that expenses required to manage your intestate estate could eclipse the cost of an estate plan.

In the case of two different estates valued at slightly under $1M, including a home and retirement accounts, the cost to administer varied significantly depending on whether the decedent had an estate plan in place.

Scenario No. 1: Decedent engaged an attorney to prepare a will and other planning documents, completed beneficiary designations, kept records, and communicated their plans to the individuals responsible for managing the estate after death. The estate administration concluded within one year with legal fees of approximately $9,000.

Scenario No. 2: Decedent died intestate (without a will), did not keep records of property or accounts, and had not communicated with any loved ones regarding her assets. In this case, the administration of the estate lasted more than one year and legal fees exceeded $50,000.

Estate planning is a very important part of any well thought-out financial plan, particularly if you intend to leave assets and property to your loved ones.*

* This material is for your general educational information and is not intended as legal advice. Readers are responsible for obtaining legal advice applicable to their specific situations from their own legal counsel.

Catalyst Law Blog

Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family.

Kofi Annan

The information provided on this blog is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of all content, laws change frequently and may vary by jurisdiction. You should not act or rely on any information found on this site without first seeking the advice of a qualified attorney who is familiar with your specific legal situation.

Reading or interacting with this blog does not create an attorney-client relationship between you and Catalyst Law, LLC or any of its attorneys. If you have questions about your personal circumstances, we encourage you to contact our office directly to schedule a consultation.

Need help?

Contact us today

Latest Articles

Welcome New Team Members
July 7, 2025
Avoiding Probate: What You Need to Know
July 7, 2025
Power of Attorney: Just as Important as a Will
July 7, 2025
Take a Moment to Protect What Matters Most
July 7, 2025
How to Compare Estate Planning Firms: More than Just a Price Tag
July 7, 2025