Estate planning is a key aspect of managing your financial affairs, not just for high-net-worth individuals, but for anyone who wants to ensure their assets are distributed according to their wishes after their passing. In this blog, we'll breakdown the costs associated with estate planning in Wisconsin.
1. Initial Consultation
In Wisconsin, initial consultations with an estate planning attorney can range between $50 to $400. This provides an opportunity to discuss your needs and understand the process. However, it's important to note that not all attorneys charge for this initial consultation.
At Snug, you can get started for free and only pay when you’re ready to finalize your documents.
2. Estate Plan Drafting
The centerpiece of estate planning is drafting comprehensive documents such as a will, trust, power of attorney, and health care directive. The cost for this service in Wisconsin can range from $600 to $4,250, depending on the complexity of the estate and the attorney's experience.
The cost for creating a will in Wisconsin ranges from $200 to $850. A trust in Wisconsin typically costs between $600 and $2,950.
At Snug, any member can create a Power of Attorney and Health Care Directive for free. A Will costs $195 and a Trust costs $500. For many families, this is a great option to get you fully covered and save some money while doing it.
3. Document Review
If you already have estate planning documents and need them reviewed or updated, attorneys in Wisconsin typically charge between $300 and $1,700. This cost varies based on the number of documents and the extent of updates required.
At Snug, you can upload and analyze any existing documents. As part of the analysis, you’ll see key details for each document and a personalized plan to update and maintain each document.
4. Individual Document Preparation
The cost for drafting individual documents such as a single will or power of attorney can range from $150 and $500 per document, depending on the complexity of the document and the attorney's experience. Trusts often cost more.
At Snug, you can create individual documents or entire estate plans whenever you want. Any member can create a Power of Attorney and Health Care Directive for free. A Will costs $195 and a Trust costs $500. For many families, this is a great option to get you fully covered and save some money while doing it.
5. Trust Administration
The process of trust administration begins after the death of the person who created the trust, known as the grantor. This process involves managing and distributing the assets within the trust according to the grantor's instructions. In Wisconsin, the costs for trust administration can range from $900 to $4,250 or more, depending on the complexity of the trust and the services required.
6. Probate
Probate is the legal process that happens after a person dies and leaves behind a will. It involves proving the will is valid, identifying and inventorying the deceased person's property, having the property appraised, paying debts and taxes, and distributing the remaining property as the will directs.
In Wisconsin, the cost for probate can range from $1,800 to $5,950 or more. The actual cost can vary greatly depending on whether the estate is simple or complex, and whether there are any legal disputes over the will or estate.
7. Hourly Legal Advice
For ongoing advice or assistance from an attorney, you may be charged an hourly rate. In Wisconsin, an estate planning attorney typically charges between $200 and $400 per hour.
8. Flat Fee Services
Some attorneys offer flat fee services for specific tasks, such as preparing a basic will or trust. In Wisconsin, an estate planning attorney typically charges between $300 and $3,000 or more, depending on the complexity of the task.
9. Court Fees
If your estate planning involves court proceedings, you'll have to pay court filing fees. In Wisconsin, court filing fees can range from $100 to $500 or more.
10. Notary Fees
Many estate planning documents require notarization. In Wisconsin, you can expect to pay between $10 and $50 per document for notary services.
Estate planning is an essential part of managing your financial affairs and ensuring your loved ones are taken care of after your passing. While the costs can vary, it's a valuable investment in your and your family's future. Before hiring an attorney, always ask for a detailed fee schedule or quote to ensure you understand the full scope of potential costs. Estate planning not only provides financial security, but also peace of mind.
