How Much Does Estate Planning Cost in Texas?
Estate planning is an important element of establishing your legacy for your family and loved ones. You have dedicated your life to taking care of those who depend upon you, and an important aspect of this is preparing for when the time comes that you are no longer around to do so. In other words, estate planning can play a critical role in providing you with the peace of mind that comes from knowing you have taken care of all of your legal and financial planning.
While many people are concerned about the cost of estate planning, it is important to recognize that estate planning can range from the very straightforward to the highly complex. As such, the answer to how much does estate planning cost is that it can be surprisingly affordable – especially in relation to the tax savings it can help ensure and to the assurances it can provide you. To address your own estate planning needs, reach out to the experienced Texas estate planning attorneys at Ibekwe Law (512-505-2753) today.
Who Needs an Estate Plan?
If you think that estate planning is only for the rich and the famous, you are mistaken and could be missing an opportunity to ensure that your loved ones are taken care of financially after your death. Estate planning is important if any of the following apply:
- You have assets and/or are building a career and are interested in determining whom these assets will ultimately go to.
- You have a family (a spouse and/or children).
- You are interested in guiding your end-of-life healthcare decisions.
Consider Hiring an Estate Planning Attorney
While the internet is an excellent resource when it comes to understanding the basics of estate planning – including finding out information about how much estate planning costs in Texas – you should not rely on the internet for your complete range of estate planning needs. Rather, you should consider visiting with a dedicated estate planning attorney that can address your specific situation and answer your questions.
The goal of your estate plan is to allow you the confidence that comes from knowing you have put in the necessary effort and have created an estate plan that ensures your intentions will be carried out. Further, estate planning is not a static event but is instead a process that requires all of the following:
- Regular maintenance that keeps your estate plan up to date with your wishes
- Reevaluation as you and your family’s lives evolve
- Periodic tweaks along the way
- Reexamination in relation to evolving tax laws
In other words, working closely with an accomplished estate planning attorney is important to consider, and at Ibekwe Law, we are standing by to help ensure your legal and financial rights remain protected for you and your family.
Understanding the Basics of Estate Planning
If your estate planning needs are fairly straightforward and do not involve complicated or large business transactions, your estate planning attorney may offer you a flat fee in response to these needs. A flat fee generally refers to a firm price in exchange for a finite number of defined basic services. The flat fee rate will generally be comparable to what the work would cost if you paid hourly legal fees, but some clients prefer to have a final price that is a known entity. The basic estate planning matters that are likely to be addressed in a flat-rate plan include the following (in accordance with your needs):
- A simple Last Will and Testament (will) as defined by the Texas State Law Library
- A living will that outlines your end-of-life decisions
- A designated power of attorney for your financial assets
- A designated power of attorney for your healthcare decisions (as defined by the Texas State Law Library)
- Guardianship for your minor children (in the unlikely event they are left without either parent)
Before signing off on a plan with a flat rate, you should visit with your estate planning attorney to ensure that you understand all of your plan’s components and that the included estate planning products will effectively address your needs in their entirety. A reputable estate planning attorney will carefully review your options with you – in an effort to ensure you are purchasing the estate planning services that are right for you.
Complex Estate Planning Needs
If your estate plan needs are more complicated, the cost of your estate planning is also more complicated. In these cases, a person may have more assets or a substantial estate to consider. You may have more complex estate planning needs if you have any of the following:
- You have diverse financial holdings that require more sophisticated legal attention and/or involve coordinating efforts with additional professionals, such as your financial planner.
- You have a substantial estate.
- You have unique estate planning concerns that require more exacting legal efforts.
When it comes to your estate plan, the final product – including ongoing maintenance and upkeep – is paramount. Make sure that you place importance not only on just the cost of estate planning, but how a comprehensive estate plan will provide you with the peace of mind that motivated your efforts in the first place.
An Experienced Texas Estate Planning Attorney Can Help
If you are asking yourself how much estate planning cost will cost you, it is time to consult with the trusted estate planning attorneys at Ibekwe Law, PLLC in Texas. We are committed to employing the full force of our impressive experience in our dedicated efforts to help you create a solid estate plan that works for you and that is within your budget. Addressing your estate plan needs sooner rather than later is well advised, so please do not wait to contact or call us at 512-505-2753 for more information today.