Estate planning is an important venture that any person who has assets to their name should take seriously. However, it is also a complicated venture that is nearly impossible to complete or get right without the assistance of a skilled attorney. 

The fees charged by an estate lawyer vary and depend on several factors. They include:

• The exact type of estate planning that you require
• The size of assets that the attorney will be handling
• The complexity of the estate 
• The expertise and experience of the attorney who will be handling your estate planning

When it comes to calculating estate lawyer fees the major determinant of cost is the complexity of the estate.

How Do Estate Lawyers Calculate Their Fees?

Estate lawyers use different models when charging their clients for estate planning services. The main models attorneys use are:

• Hourly rates
• Flat fees
• A cut of the total estate value

What Are Hourly Rates?

Hourly rates fees refer to when an attorney charges their client a fixed charge for every hour that they bill working on an estate planning project.

Many lawyers charge their clients a flat fee when the estate being planned is extremely complicated. If the work will require different services such as planning for taxes, preparation of a will or the preparation of a trust, attorneys tend to charge by the hour.

It is important to note that prominent attorneys from top firms often charge higher hourly rates compared to attorneys who operate as solo practitioners.

What Are Flat Fees?

A flat fee refers to when a lawyer asks their client for a fixed amount of money for all estate planning work that they handle.

Lawyers typically use this model when the work at hand is not that complicated. If you require services that are commonly requested by other clients such as the setting up of a will, your estate lawyer is likely to charge you a flat fee. This is because they will simply use forms that they have used when serving other clients in the past.

What Is a Cut of The Total Estate Value?

There are some states in the United States that allow lawyers to take a cut of the total estate value as fees. They include:

• California
• Iowa
• Missouri
• Arkansas
• Montana
• Florida
• Wyoming

However, it is not mandatory that pay lawyers with a cut of the estate. You can negotiate with your attorneys and agree on a flat or hourly rate.

Which Charging Model Is The Most Ideal?

This usually depends on the services that you need and the lawyer that you choose. To understand what will work best for you, you should hold a candid discussion with your lawyer on your estate planning needs. Your lawyer will then explain what needs to be done and explain which model they find most appropriate.

When Should I Start Searching For An Estate Lawyer?

Sadly, many people think that only elderly people need to engage lawyers for estate planning services. It is important to note that all people who have assets need to carry out estate planning regardless of their age. 

When choosing an estate lawyer, look for a licensed legal expert who is held in high regard by past clients and industry peers. Additionally, you should go for an attorney who specifically specializes in estate law. The lawyer of choice should have a wealth of experience in this line of work.

Why Is It Prudent To Carry Out Estate Planning?

Early estate planning is highly beneficial. Some of its benefits include:

• You are able to take care of your loved ones
• You will be able to avoid probate
• You will be able to cut back on your overall estate costs
• You can ensure that the affairs of your estate remain private