Wills? Powers of Attorney? $1800?

[suzydisney971]

I just got a quote from an attorney I was referred to from my EAP which gives me 25% discount. I'm quoted $1800 for 2 wills, 3 powers of attorney (need a power of attorney for my mom), 2 living wills and 2 health care wills. Is that the going rate? It seems so expensive. Do I need the health care wills. That would save me $200. I've mailed all my information for him so all he needs to do is draft the paperwork. However, until I send him the down payment he hasn't been retained by me. So I can easily walk away right now and there are no costs. I'm in Rhode Island so any other Rhode Islanders have experience with this? I may have to call around to price check but they might not give me prices over the phone. So I thought to check with the experts here first . Any help or advice is greatly appreciated. Thanks.

 

[Swimalie]

I'm curious, what is a health care will?

I bartered for mine and my husband's will and only paid $100 each for our power of attorney and did a living will for free so, sorry, I can't help you much with the pricing. I'm just curious as to what a health care will is.

 

[akcire]

I am guessing by health care wills she means medical directives.

It is essentially a medical power of attorney, where you lay out exactly which treatments and actions you would like taken in the event of incapacitation--this is very helpful since family may not always be able to carry out your wishes. I know for example, that if my long term prognosis was poor, I would not want to be placed on a ventilator; however if my father was ever placed in a decision making capacity--he would keep me "alive" forever. It is just his personality--and were my husband and I in a combined auto crash, my father is listed on our power of attorney form. This takes the medical choices, and "helps" the hospital follow my wishes.

OP-I don't think $1800 is horrible, since this is legal documents for 3 adults. Assuming the quality of the legal work is good. There is a big difference in quality. I would probably get a second cost, for what you need, and then also meet with the person who is doing your legal work. Personally, I would never hire a lawyer without having a face to face meeting. Nor would I ever mail in my documentation.

 

[Sadie22]

Health care directive and appointment of health care agent, very very important to have.

Fees vary by attorney, by law firm, and by region. However, firms I have worked with have charged more and some have charged less. It can vary by how complex the documents are. What is important is that the the attorney has enough information to address your needs and that nothing is left to chance. There are many factors to consider. In many situations one attorney will represent both husband and wife but this may not be the best choice in all situations. This is not a subject where you want to go with the cheapest solution.

Has Mom been included in this discussion? You need to make sure that anything you plan does not interfere with her planning.

 

[tar heel]

It's very common to be able to get living wills and health care power of attorney documents done for free. Our local hospice does a couple of workshops a year at which they explain what the documents are and your options and anyone who wants can do them for free right then. You might see if a hospice or even hospital does them at no cost.

 

[suzydisney971]

My mom has her own will that she had drafted years ago. She is a widow now so all of her assets will go to me as designated in the will. (I'm the only child). My name is already on her bank accounts so that won't be a problem. So I just need a power of attorney for her so in case she can't make any decisions, I will be able to speak on her behalf. And I am going to need a quitclaim deed too which I forgot to ask the attorney to draft to add my name to the house she owns. I'm also her beneficiary on a couple of annuities that she has. All of this I am including in my will since whatever I am entitled to will go to my DS. If both DH and I both are not around, we are setting up a trust and guardianship for my DS. So maybe because there is a lot involved, it's expensive. I just wasn't planning on spending so much. Just the 2 wills alone cost $1100.

 

[mhconley]

Write all your own documents and use the $1800 toward a WDW vacation; check-out Quicken WillMaker Plus.

Martin

 

[Sadie22]

My mom has her own will that she had drafted years ago. She is a widow now so all of her assets will go to me as designated in the will. (I'm the only child). My name is already on her bank accounts so that won't be a problem. So I just need a power of attorney for her so in case she can't make any decisions, I will be able to speak on her behalf. And I am going to need a quitclaim deed too which I forgot to ask the attorney to draft to add my name to the house she owns. I'm also her beneficiary on a couple of annuities that she has. All of this I am including in my will since whatever I am entitled to will go to my DS. If both DH and I both are not around, we are setting up a trust and guardianship for my DS. So maybe because there is a lot involved, it's expensive. I just wasn't planning on spending so much. Just the 2 wills alone cost $1100.

I know from personal experience the value of having parents plan ahead to name POAs to be able to act for them after a stroke and the like. Make sure to discuss with the attorney pros and cons of different choices. Often it can be better taxwise or for other reasons to inherit property although the POA could allow you to sell it on behalf of your mom if she were incapacitated and no longer able to live in her home. You don't want to cause yourself problems due to not thinking through everything. If you are dealing with an estate planning attorney, he should be able to lay all this out for you. Being an authorized signatory on accounts although not owning them, payable on death, and so on.

 

[Darcy03231]

That sound about right to me. I live in Southern NH and for a will,living will, durable power of attorney and health care power of attorney it runs about $500-$600 per person.

 

[DVCLiz]

Write all your own documents and use the $1800 toward a WDW vacation; check-out Quicken WillMaker Plus.

Martin

Sorry, Martin, but I'd never in a million years give or take this advice. Too many unexpected things can pop up - I would insist on a well-qualified attorney.

OP, those costs sound reasonable to me.

 

[suzydisney971]

Thanks everyone. Maybe it was sticker shock . $900 each person for 4 documents is reasonable especially since lawyers are so expensive. Not to mention my mom has a lot of assets that I want to make sure is included in my will so that my DS will be financially secure would cost more than a typical smaller will. Not to mention, there shouldn't be a price tag on making sure my DS will be secure if my DH or I are not around.

 

[Green Tea]

We recently had an attorney do all these forms for us. It was maybe around $500. Maybe $375 actually. No where near your figure.

There was a question a few months ago about costs for this. Seems like even in Manhattan it wasn't as much as your figure, IIRC.

 

[Swimalie]

I am guessing by health care wills she means medical directives.

.

Okay, that I know, and happen to have as well. Our hospital does them for free.

 

[Nebraska_Disney]

I used LegalZoom a few years ago to set up a LLC for me and file it in the state I live in as well as get me a tax ID number for the LLC. This ran me less than $600, well below what I had been quoted by several lawyers. You can price what you need on their website. It worked out great for us.

 

[PatsMom]

I've worked with lots of clients on their estate plans and the price you were quoted seems a bit high for simple wills and advance directives. You might want to do a bit of shopping. Unless the attorney is including a family trust - which is typically recommended if you will be passing significant assets (including life insurance proceeds) to a minor.

Even if you ask to drop the advance directives, most attorneys don't lower the price by much (if any). They pretty much just throw those documents into the package.

You can't will assets you don't own yet so I don't think your will needs to address assets that will be left to you by your mother. If you pre-decease her, she is free to leave those assets to your son or not, as she chooses - they wouldn't go through your estate. If having these assets end up with your son is a concern, you might want to talk to the attorney about living trusts for both you and your mother.

 

[TJA]

That would be a very high fee for our particular area (western NY). Those documents are very standardized. Cost will be higher, of course, if trust issues are involved and more details need to be added.

 

[Redwitch]

I would check your state laws to ensure this information is correct for your state.

A Durable Power of Attorney, Health Care Power of Attorney and Living Will are basic documents that can be found on line. Often the HCPOA can include the living will. The medical ones are available through doctors, hospitals and your local area on aging. You can have them notarized to assure validity. I work in a nursing home and we routinely provide HCPOA and LW for completion by residents and family members.

For the Will, I would use an attorney. But, find one that specializes in estate planning and check a few for prices.

 

[dis-happy]

Thanks everyone. Maybe it was sticker shock . $900 each person for 4 documents is reasonable especially since lawyers are so expensive. Not to mention my mom has a lot of assets that I want to make sure is included in my will so that my DS will be financially secure would cost more than a typical smaller will. Not to mention, there shouldn't be a price tag on making sure my DS will be secure if my DH or I are not around.

If you're talking real estate and such, you should be looking at a revocable family trust. Did the attorney mention this at all? Makes probate go much easier and quicker with less costs when someone does pass away.

 

[blondietink]

We paid $800.00 for 2 wills ( complicated by addition of special needs trust in both), 2 powers of attorney and 2 health care proxys. I think your quote is high, unless you need trust work done.

 

[Disney_Freak56]

I would definitely call other attorneys either in your area or the state you live in. Working for a law firm, I know how easy it is for attorneys to prepare these documents and I think the price quote is a little high, but I don't live in your state.

With that being said, because this particular attorney was recommended by someone else doesn't necessarily mean you have to go with him (or her). You're looking for an attorney who deals with probate law -- not someone who is a general practitioner -- a jack-of-all trades attorney may be okay for some, but definitely look for someone who deals with probate law. The attorneys I work for at the present are not probate attorneys and they would not draft their own wills, etc., they have the probate attorneys do it.

Good luck!