how much for will / estate planning?

[kw3393]

I recently visited a couple of attorneys for estate planning consultation. My main objective is to have a LIVING WILL drafted, as I’m married with two toddlers.

My question to you is, what is a fair price range for someone of my profile??

I’m in my 30’s, married with 2 kids under the age of 5. I’m a US CITIZEN, my wife is NOT a citizen. My liquid net worth (cash/brokerage/IRA/401k’s) is 250k. Our home is the only real estate, worth 210k. Our mortgage of 160k is the only debt. So, total net worth is roughly 300k. I carry a term life of 500k, my wife has term policy for 250k.

Attorney A quoted $1,000…and also mentioned QDOT, qualified domestic trust because of my wife’s non-citizenship.

Attorney B never mentioned QDOT, and quoted me $450 which was more like the price we expected.

Both attorneys would include durable power-of-attorney, healthcare directive, etc. I have more confidence in Attorney A just because she was VERY thorough with her information. But…$1,000????!!!

Any advice, feedback, thoughts would be much appreciated.

[KIBU]

Geez louis, you are doing way better than many people much older than you are. Congrats and keep it up. Next time, though, don’t post everything, you never know who can get your info coupling with your computer info as well 🙂

[KIBU]

Geez louis, you are doing way better than many people much older than you are. Congrats and keep it up. Next time, though, don’t post everything, you never know who can get your info coupling with your computer info as well 🙂

[KIBU]

Geez louis, you are doing way better than many people much older than you are. Congrats and keep it up. Next time, though, don’t post everything, you never know who can get your info coupling with your computer info as well 🙂

[KIBU]

Geez louis, you are doing way better than many people much older than you are. Congrats and keep it up. Next time, though, don’t post everything, you never know who can get your info coupling with your computer info as well 🙂

[KIBU]

Geez louis, you are doing way better than many people much older than you are. Congrats and keep it up. Next time, though, don’t post everything, you never know who can get your info coupling with your computer info as well 🙂

[an]

Agree with Kibu. You revealed too much info about yourself.

[an]

Agree with Kibu. You revealed too much info about yourself.

[an]

Agree with Kibu. You revealed too much info about yourself.

[an]

Agree with Kibu. You revealed too much info about yourself.

[an]

Agree with Kibu. You revealed too much info about yourself.

[carlsbadworker]

I am doing some research on this recently and based on my preliminary reading, you don’t need living trust at all.

You don’t need and sometimes cannot put retirement savings in the living trust, naming a beneficiary will allow the money to be transferred at death without probate. The only reason to put the retirement fund into trust is to form an AB trust, but you don’t have enough assets to do so.

Brokerage account can be held in joint accounts, unless for the unlikely event that both you and your wife die at the same time.

For term life insurance, the beneficiary can also receive the proceeds outside of probate. Again, you only need trust if you and your wife die at the same time and the proceed cannot be paid until your children became legal adults (i.e. naming a trustee becomes necessary).

Home equity is the only thing worth protecting in your case. And $1,000 for $50,000 is really an unfavorable odd, unless you are planning some extreme risky activities in the near term.

Disclaimer: I am not a lawyer and cannot offer legal advice.

[carlsbadworker]

I am doing some research on this recently and based on my preliminary reading, you don’t need living trust at all.

You don’t need and sometimes cannot put retirement savings in the living trust, naming a beneficiary will allow the money to be transferred at death without probate. The only reason to put the retirement fund into trust is to form an AB trust, but you don’t have enough assets to do so.

Brokerage account can be held in joint accounts, unless for the unlikely event that both you and your wife die at the same time.

For term life insurance, the beneficiary can also receive the proceeds outside of probate. Again, you only need trust if you and your wife die at the same time and the proceed cannot be paid until your children became legal adults (i.e. naming a trustee becomes necessary).

Home equity is the only thing worth protecting in your case. And $1,000 for $50,000 is really an unfavorable odd, unless you are planning some extreme risky activities in the near term.

Disclaimer: I am not a lawyer and cannot offer legal advice.

[carlsbadworker]

I am doing some research on this recently and based on my preliminary reading, you don’t need living trust at all.

You don’t need and sometimes cannot put retirement savings in the living trust, naming a beneficiary will allow the money to be transferred at death without probate. The only reason to put the retirement fund into trust is to form an AB trust, but you don’t have enough assets to do so.

Brokerage account can be held in joint accounts, unless for the unlikely event that both you and your wife die at the same time.

For term life insurance, the beneficiary can also receive the proceeds outside of probate. Again, you only need trust if you and your wife die at the same time and the proceed cannot be paid until your children became legal adults (i.e. naming a trustee becomes necessary).

Home equity is the only thing worth protecting in your case. And $1,000 for $50,000 is really an unfavorable odd, unless you are planning some extreme risky activities in the near term.

Disclaimer: I am not a lawyer and cannot offer legal advice.

[carlsbadworker]

I am doing some research on this recently and based on my preliminary reading, you don’t need living trust at all.

You don’t need and sometimes cannot put retirement savings in the living trust, naming a beneficiary will allow the money to be transferred at death without probate. The only reason to put the retirement fund into trust is to form an AB trust, but you don’t have enough assets to do so.

Brokerage account can be held in joint accounts, unless for the unlikely event that both you and your wife die at the same time.

For term life insurance, the beneficiary can also receive the proceeds outside of probate. Again, you only need trust if you and your wife die at the same time and the proceed cannot be paid until your children became legal adults (i.e. naming a trustee becomes necessary).

Home equity is the only thing worth protecting in your case. And $1,000 for $50,000 is really an unfavorable odd, unless you are planning some extreme risky activities in the near term.

Disclaimer: I am not a lawyer and cannot offer legal advice.

[Author]

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