Hi,
I have received a $3500 quote to create estate planning (testamentary trust, enduring Power of Attorney and will) from private lawyer.
We have 1 kid and the case is rather simple (if one of us die, and our kid is less than 25yo, the money goes to one of the parent's siblings; alternatively go to the kid)
Do you guys have a similar figure? OR should I try public (such as https://www.statetrustees.com.au) instead?
if one of us die, and our kid is less than 25yo, the money goes to one of the parent's siblings; alternatively go to the kid
If the kid is < 25 yo, why doesn't the money go to the spouse to help provide for the kid?
I believe normal arrangement would be money to partner, if partner pre-deceases, money to kid (or to XX in trust on behalf of kid if not 25 or whatever age).
Bit morbid, but I assume there is a residual beneficiary in case all three of you pass away?
Thanks, great input :)
Given amended details in OP, I would shop around a bit. You want someone experienced in estates drafting your wills/POAs, but that seems excessive.
I would think $1.5-2k as it all seems very vanilla from what you have said.
I was charged $1300 (in SA) to draft our will to our requirements (with testamentary trust).
Estate planning was done by a estate planner for free but they get commission on any products (insurance) you decide buy.
Wow! That's less than half that I've been quoted, thank you
You should get another quote.
What do you need? a will or estate planning? or is he just confusing you by throwing jargons to justify the $3,500 fees?
Most wills will automatically create testamentary trust, but some lawyers would love to put the deed into it as well, but that should only cost you a bit extra as the deed is quite general.
I need all of them just in case (estate planning, will, testamentary trust as well as power of attorney)…
Thanks for the feedback, I might need to get another quote then…
Anyway, that price is too much.
Quote around.
However, to be fair, estate planning can be time consuming depending on what you own asset wise.
I dont want to say $3,500 is too much when you have $10 millions worth of assets all over the places.
But a simple one like you said, it is too much.
Haha, yes, definitely my assets not worth that much; thank you, will request for another quote now
$1000 hourly rate.
Wow! Is this a normal hourly rate for a lawyer?
That's my calculation based on the $3500 quote. As described, it is a very simple will and would certainly take less than 3.5 hrs to prepare, including interview.
In WA.
I got a solicitor that does wills to come around and type up our wishes into the correct Will format and signed / witnessed. $250 / will.
Nothing to the surviving spouse?
if your affairs are quite simple, should cost around half of that. Get another quote if you want to be certain. If the second quote comes in around the same, go with the lawyer you think is better. Let me know if you want a couple of recs for you to get a second quote.
yes, please PM me if you can :)
It's at the higher end of the quote, but within reason.
Definitely do not use State Trustees and the likes. It will be cheap for you but expensive for your Estate. They will be the executor of your estate and that's where they make the money.