what is simplified estate planning?
I have been practicing law for a while, and I have given quite a few talks on estate planning to the community. I've noticed a pattern. A substantial subset of people who come up to me to ask about estate planning want to know how much it costs to get a "simple will." It makes sense - we aren't wealthy, we have kids, a house maybe. Standard fare.
Now let me put you in the lawyer's head. A simple will... is still a will. It takes as much time as most wills, because whether you make a $1000 gift or a $100,000 gift, you are writing the same language to give it to your spouse and kids. A large home or a modest home - same amount of work to write up. And the other documents - durable powers, living wills. It's the same amount of work. Things get different once you get up over the $2M-ish range ($4M-ish married), because tax issues come into play. But clients think fewer assets are simpler, and lawyers have learned they aren't.
Yet that leaves an untapped need, and I want to meet that need. If you think you have a relatively simple plan and standard types of assets, then I have an idea that might work for you. To qualify for this, your estate value has to be under certain tax-related limits, have only standard forms of assets (cash, retirement, life insurance, etc., but not high-value LLCs, S corporation shares, etc.), and your plan itself needs to be simple. Basically, to your spouse if you have one, then to adult children. No trust, no highly contentious family situations.
That's what sounds like a simpler plan for an estate planner. If we know your plan is less complicated from the beginning, you can save on fees.
If that sounds like you, or maybe but you're not sure, fill out the form below and I'll get in touch to let you know if you do qualify. If you think yours isn't simple after all, I can still help. Contact me and we can talk.
Now let me put you in the lawyer's head. A simple will... is still a will. It takes as much time as most wills, because whether you make a $1000 gift or a $100,000 gift, you are writing the same language to give it to your spouse and kids. A large home or a modest home - same amount of work to write up. And the other documents - durable powers, living wills. It's the same amount of work. Things get different once you get up over the $2M-ish range ($4M-ish married), because tax issues come into play. But clients think fewer assets are simpler, and lawyers have learned they aren't.
Yet that leaves an untapped need, and I want to meet that need. If you think you have a relatively simple plan and standard types of assets, then I have an idea that might work for you. To qualify for this, your estate value has to be under certain tax-related limits, have only standard forms of assets (cash, retirement, life insurance, etc., but not high-value LLCs, S corporation shares, etc.), and your plan itself needs to be simple. Basically, to your spouse if you have one, then to adult children. No trust, no highly contentious family situations.
That's what sounds like a simpler plan for an estate planner. If we know your plan is less complicated from the beginning, you can save on fees.
If that sounds like you, or maybe but you're not sure, fill out the form below and I'll get in touch to let you know if you do qualify. If you think yours isn't simple after all, I can still help. Contact me and we can talk.
How do i know if my estate is "simpler"?
It's not really a science. There is no exact formula. Certain factors make an estate simpler. Here are a few examples:
- If you're married, this is the first marriage for both of you.
- Your children are all from a single parentage or marriage.
- Your children are over age 18 (so you won't need to set up guardians for them).
- You believe your children are old enough to get their inheritance outright. (Usually this means ages 30+.)
- You and your beneficiaries (people who will get a benefit from your estate plan) all live in the United States and are United States' citizens.
- None of your beneficiaries has any special needs or disabilities.
- You don't own any real property (land, home) outside Washington state or the United States.
- You don't have interests in an S Corporation and you're not trying to do complicated business succession planning.
- The value of your estate does not indicate the need for tax planning. To feel this out, consider your bank accounts, securities, life insurance (payout value), personal property (cars, boats, art), real property (homes, land), intellectual property, and businesses, as well as interests in trusts.... you name it, if you own part of it, include the value of your ownership. If you're single and your estate is safely under $2 million, or you're married and your estate is safely under $4 million, your plan will be simpler. "Safely" means what you can reasonably expect would happen in the next few years, which is how long an estate plan can reasonably anticipate.
OK. How much?
From $1500 to $2500. Price will range, as some plans will be simpler than others. With any flat fee, you risk that I work less and I risk that I work more. When there are any complicating factors, an hourly rate usually works best for both of us. Please do note: MOST people are wrong about whether their estate is simple or not, for estate planning purposes. I will talk you through this. It's not an upsell -- it's what works best for the plan appropriate to your circumstances. Please also note that a flat fee isn't necessarily less than an hourly fee would end up being for your plan.
how does it work?
Please contact me with the form below (or email is fine; the forms sends me email!). We can talk through your situation and fee options. We'll meet, I'll prepare your documents, and then you will sign. Done. SIMPLER.