Local and state business practices can impact what will be charged by real estate planning attorneys to handle a particular case, but the level of their expertise is also considered. So how can you evaluate that expertise and know if you’re paying too much?
Your First Meeting
Most real estate planning attorneys do not charge for the first meeting, but this is not a universal rule. Don’t be surprised if an attorney charges a small fee to meet with you for the first time. This meeting is their opportunity to “sell” their services to you and get an idea of your issue. At this time, they determine how many hours they and their team will have to invest to resolve your issue and whether they want to take your case. Many attorneys recognize the context of the first meeting and do not charge for it.
Flat Real Estate Planning Fees
A fixed amount often covers the first meeting – if you decide to retain the attorney’s services – in addition to preparing, reviewing, and signing the essential documents. Some attorneys may also include assistance in funding your will as part of the flat real estate planning fee if you decide to get one, while others charge separate funding fees based on the value of the property they will help you transfer to your will’s ownership.
Standard Hourly Rates
Flat fees are essentially a set of standard hourly rates for the attorney and the number of hours they believe they will need to invest in resolving your case. Ask about the hourly rate and know how much you will pay for the services of the attorneys and legal assistants in the firm.
Your First Phone Meeting
These days, it’s common to conduct a lot of business over the phone. Arrange phone interviews with real estate planning attorneys at least before meeting in person. This will save both your time and the attorney’s time if they are prepared for it. Don’t expect too much critical information in an initial phone interview. Your goal for this call should be to determine whether you want to work with them or not. Each attorney should be able to get a sense of your needs during this conversation and provide an estimate of basic real estate planning fees. Remember, you are not asking what you should do, but rather how much it will approximately cost you to do what you have in mind. This gives you the chance to compare the flat fees quoted by each attorney and narrow down your choice on who you would like to meet with in person.
Ask for Details
Ask the attorney who quotes you a higher fee than others why their fee is significantly higher. Some attorneys operate in the wholesale estate planning scheme, while others are genuinely interested in providing a high-quality estate planning service and becoming your lifelong advisor.
Trust Your Instincts
Your goal should not necessarily be to find the cheapest attorney. Consider how comfortable you feel with each attorney because you will need to be open and honest when discussing the most intimate details of your personal life and finances with this person. Sometimes you need to rely on your instincts. Only you will know for sure whom you can trust with this important part of your life.
Frequently Asked Questions
What is an estate planning plan?
An estate planning plan is a legal and financial plan for managing your assets during your life and after your death. An attorney can assist you in creating an estate planning plan that will be used after your death to distribute your assets and support any beneficiaries you may leave behind, including a spouse or children.
Do I need an attorney to create an estate planning plan?
You can create a will that includes an estate planning plan without an attorney. You will need to have it witnessed and notarized according to the laws in your jurisdiction. However, an attorney will know how to ensure that your assets are distributed in the way you want and according to your state’s laws. An attorney can also help you prepare things like guardianships for children and medical or financial powers of attorney. If you need to create and fund a will, you should work with an attorney to make sure it is done correctly.
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Source: https://www.thebalancemoney.com/how-do-i-know-if-my-attorney-s-fees-are-reasonable-3505713
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