Contact

Factors influencing estate planning costs

Complexity of the estate

Estate planning is a crucial step in securing your family's future financial security and ensuring that your assets are managed according to your wishes.

However, the costs associated with estate planning can vary greatly depending on several factors, including the complexity of your estate and the specific services you require.

Types of estate planning services

Estate planning services can range from drafting a last will to creating a revocable living trust, healthcare directives, and tax planning.

The types of services you need will significantly impact the overall estate planning cost.

For instance, creating a basic estate plan is generally less expensive than devising a complex plan involving multiple trusts and strategic planning.

Fee structures of estate planning lawyers

Estate planning lawyers offer various fee structures, including flat fees, hourly rates and contingency fees. Understanding these fee structures can help you manage costs effectively.
‍
● Flat fee: Many legal professionals charge a flat fee for specific estate planning services, such as drafting a will or creating a power of attorney. This fixed price provides clarity and allows you to discuss money upfront without worrying about accumulating costs.
‍
● Hourly rate: Some estate planning lawyers charge by the hour for their services. This fee arrangement is common for ongoing legal work or complex cases requiring extensive consultation and document drafting.
‍
● Contingency fee: Although less common in estate planning, your law firm may offer contingency fees based on the value of the estate. This means the lawyer's fee is a percentage of the estate's value rather than a fixed or hourly fee.

Typical costs involved in the estate planning process

Basic estate plans:
A basic estate plan, which includes essential legal documents like a will and power of attorney, usually costs between £500 and £1,000. This cost covers the initial consultation, document drafting, and legal advice.
‍
Comprehensive plan:
For those with complex estates, the estate planning cost can be significantly higher. A comprehensive plan that includes additional legal documents, tax planning, and strategic advice may range from £2,000 to £5,000 or more, depending on the specific needs and objectives.

Additional estate plan cost:
Other costs may include fees for financial advisors, insurance policies, and any professional services related to wealth management and legacy planning. These additional services are often necessary to ensure a thorough and effective estate plan.

The importance of discussing fees up-front

To avoid unexpected expenses, it's advisable to discuss the fee structure and costs involved with your estate planning lawyer up front.
Many will provide an initial consultation to outline their services and legal fees, allowing you to make an informed decision.
Ensure you have a written agreement, such as an engagement letter, detailing the fee arrangement and scope of work.
Estate planning costs can vary depending on the complexity of your estate, the types of services required, and the fee structures of estate planning lawyers.
By understanding these factors and discussing money upfront, you can ensure that your estate planning goals are met efficiently and cost-effectively.

At Maritime Capital, we specialise in property-based estate planning, providing bespoke solutions for high net worth individuals.
Contact us today to learn how we can assist you in securing your family's future
with a well-crafted estate plan.

PRESS

RESOURCES

PROJECTS

WHERE TO FIND US

16 water Lane, Richmond, TW9 1TJmax@maritimecapital.co.uk

CAREERS

IF YOU ARE INTERESTED IN JOINING US
max@maritimecapital.co.uk

GENERAL ENQUIRIES

TO FIND OUT MORE PLEASE CALL US ON
020 3576 5097

NEW BUSINESS

PLEASE SEND ANY ENQUIRIES TO
max@maritimecapital.co.uk