Drawing up a trust is an area where experience counts, but that doesn't mean that you needs to go to a large national law firm. On the contrary, many large firms have dropped this practice, and some of the savviest trusts and estates attorneys have their own firms or practice in small and moderate-size law firms.
If you're unsure how to find the right lawyer, start by asking friends for recommendations. Who have they used -- and liked? You can also ask other lawyers who they would use.
When it comes to legal costs, some attorneys bill by the hour, while others charge a flat rate for a package of services. Typical legal fees run from $200 to $500 an hour. Urban areas will likely have higher rates, and attorneys at larger law firms usually charge more than those at smaller law firms, although that's not always the case.
An average flat fee for a basic revocable trust plan may run from $2,500 to $10,000, depending on the complexity of the trust and the size of the estate. Flat fees, however, aren't necessarily a better deal than hourly rates. And the most expensive lawyer isn't always the best.
Ask at the outset for the lawyer's rate. It's better to know upfront, so that neither of you wastes the other's time if there's a huge discrepancy between what an attorney charges and what you're willing to pay. Generally, the more assets a person has, the more complicated his estate is likely to be, and the more it will cost to put together a thoughtful estate plan.
In the last year, I have been helping my husband's 87 yr old aunt with her estate. We have set up a trust, moved her to assisted living and have been dealing with health issues. This article just confirms we have been moving in the right direction. It has helped to ease my mind that we are doing the right thing. Thanks for a great article. bl