Some of the wealthiest people on the planet who have amassed substantial fortunes don’t look at estate planning as a formality but as a must-have component to protecting their assets. That’s because estate planning makes sure that your wealth remains available and useful in meeting your needs long after you’re gone.
And yet, we often hear it said that estate planning is an expensive luxury that’s only for rich people. At Dominion, we have always held the belief that protecting your legacy should be as easy and as accessible as possible regardless of how big your estate is.
That said, you’re probably asking yourself: How much does estate planning cost? It’s a fair thing to wonder, and we’re here to set the record straight. Because there’s no reason you should be confused about how you’re protecting your money.
What Determines the Cost of Estate Planning Services?
Unfortunately, estate planning doesn’t have a fixed cost. You might hear from other sources that it costs a couple thousand bucks, but the truth is that there are several factors that determine how much you will incur to protect your financial future. So, with that in mind, let’s take a look at all that goes into determining how much you’ll pay for estate planning:
A Lot Goes into Your Wealth
The more complicated your financial situation is, the more specific your estate plan has to be. This translates into more time and effort needed from your advisors, which will also mean higher costs. Consider the following:
Diverse Assets
Are you an international investor with property, business or investments assets located in different parts of the world? Every single asset class is also associated with certain legal and taxation norms.
Family Dynamics
Are there many beneficiaries, are there step children, half children, or children from previous marriages? Are there disabled or handicapped beneficiaries? These circumstances call for a lot of preparation so that your wishes are followed to the letter and to avoid as many conflicts as possible.
Legal and Tax Environment
Dealing with how and when to deal with taxes, gifts to charity, or certain types of trusts increases the size and scope of your estate plan.
As you can see, there’s a lot at play here. And that means making sure you’ve got a qualified expert in your corner helping you make sense of all the cogs in the estate planning machine.
Estate Planning Documents
The estate planning includes a number of legal documents, all of which have specific functions. The more documents you need to get into, the more it’s going to cost you. Here’s a look at the most common ones:
Will
A legal document declaring your intended heirs of your possessions upon death. Make sure your affairs are in order and that the person receiving your assets is someone you can rely on to respect your desires long after you are not here.
Trusts
Vehicles that store and administer assets on behalf of the beneficiaries. Trusts minimize estate taxes and help avoid the hassles of probate. These consist of revocable, irrevocable, asset protection trusts, etc., and are tailored to how you need them to be used.
Power of Attorney
A document that appoints someone to manage your finances or healthcare if you can’t do so by yourself.
Living Will
Should you be diagnosed with a terminal disease, this document expresses your preferences about treatment and health care.
The experience and qualifications of your estate planning attorney also factor into the final cost. You should also be careful of advanced experts that specialize in luxury homes or international properties as they are well-known to demand extra for their services.
That said, their expensive understanding is often useful in designing the right plan that will help you protect and grow your wealth and minimize your tax burden. Here are some of the ways you can expect to pay for such services:
Flat Fee
This one’s pretty simple. You’re told a set price, and that’s what you pay. Flat fees are usually found in the more basic estate planning services, so nothing too complex here.
Hourly Rate
Payment to attorneys based on the time they spend on the case, which is typical for complex cases.
Contingency Fee
Although it’s somewhat unusual in estate planning, here the attorney gets paid a percentage-based fee only upon conflict resolution. Given the cost-savings involved, it’s tempting to believe that doing things yourself is the best course of action; yet, you should proceed carefully. Online tools and templates abound that work well for basic estates or wills.
However, those with large estates, complex families, or overseas interests need the advice of an expert. Dealing with many legal and financial problems on your own may be somewhat dangerous as doing so could result in expensive blunders endangering your legacy.
Should all the possibilities overwhelm you, rest assured that you have Dominion in your corner, where we know what high-net-worth people need. We deal directly with you to learn about your financial status. From there, we create a plan for asset protection fit for your requirements. You can be sure that Dominion has your wealth in the right hands.
Specifics on Estate Planning Costs
Having discussed the factors that determine the costs of estate planning, we now turn to the costs themselves. Here’s a breakdown of the typical expenses associated with common estate planning documents:
Will
At the heart of any estate plan is the will, which serves to set out how the assets of the deceased are to be divided up. A simple will can cost from as low as $300 to as much as $1,000. But if you have a complicated property or have special requirements, then the charges go up.
Living Will
This document outlines your preferences regarding healthcare, especially when you are unable to make them known yourself. The costs usually range from $300 to $1,000.
Power of Attorney
When you want someone to have the authority to handle your financial or health affairs, a Power of Attorney is what you need. This is usually much easier and will cost you anywhere from $100 to $400.
Trusts
As noted before, trusts are excellent vehicles for controlling property and, in some cases, minimizing estate taxes. The cost of setting up a trust will range from $2,000 and above depending on the type of trust that you want to create and the value of the assets you wish to place in the trust.
Plan Your Estate with the Dominate Force of Dominion
At Dominion, we consider estate planning as a part of a holistic approach to managing one’s wealth. How do we ensure we’re providing our clients with an equally comprehensive asset protection plan? By delivering the following:
Integrated Asset Protection
We believe that asset protection is the cornerstone of any estate plan. Thus, preserving your wealth from possible losses, we make sure that your wealth will be preserved for generations to come.
Strategic Use of Trusts
We use trusts not just for the purposes of estate planning but also for the purpose of protecting assets. This dual-purpose approach creates a strong paradigm for your wealth.
Together, you’ve got a fortress of asset protecting power working for you. That’s the Dominion promise, and you can count on is to deliver it every time.
Tailored Solutions for UHNWIs
We focus on protecting the assets and legacies of HNWIs and UHNWIs and families. We know all about the fine details that go into family trusts, international holdings, and advanced tax strategies. At Dominion, we’re committed to helping you manage and grow your money over the long term.
A lot of companies out there try to push generic solutions made everyone. But the folly in that approach is that it doesn’t tackle the personalized needs each individual has.
With us in your corner, you can be certain that we’re carefully examining every detail about your financial demands to bring you the best service possible. That means laser-focused asset protection that puts you at the very center.
Keep Your Assets Secure with Dominion
There’s a lot you can do right now to keep your estate planning costs in check. Things like planning early and reviewing regularly, communicating your needs clearly, and researching all the options available to you. These are all safe, effective measures to control spending while avoiding potential traps.
But you shouldn’t stop there. You also need to make sure you have an experienced team of professional attorneys and financial gurus in your corner, and that’s where Dominion enters the picture. We know how important it is for our clients to secure their wealth. That’s exactly what we specialize in – keeping your money safe and working for you.
So if you’re serious about your legacy and you want to make sure you’re making the right calls in your estate planning, reach out to us to arrange a consultation. With our expert guidance and direction, you can rest easy knowing that your wealth in is qualified hands.
