Pre-planning your estate not only ensures that your property and other assets will be distributed on your terms, but also goes a long way toward easing stress and confusion for your family during an already emotional time. Estate planning does not have to be complex and may be as basic as a “simple will” and a review of how your assets are titled. However, many of our clients want a slightly more detailed plan, including a living trust or provisions for trusts for minor children.
An estate plan may help to minimize the expenses of probate, as well as inheritance and estate taxes, but most importantly, it will give your family confidence that your final wishes are being honored.
Cool Springs Law Firm can assist with the following services:
• Will Preparation or Review
• Living Wills
• Durable Powers of Attorneys
• Medical or Health Care Powers of Attorneys
• Living Trusts
• Revocable Trusts
• Irrevocable Life Insurance Trusts
• Trusts for Minors
• Charitable Remainder Trusts
• Qualified Personal Residence Trusts
• Life Estate and Survivorship Deeds
HOW MUCH DOES IT COST?
One of the most common questions we receive is, “How much do you charge for a simple will?” Simple wills outline the basic distribution of personal property and estate, but don’t involve trusts, specific bequests, real estate, tax matters, guardianships, living wills, health care proxies, or partitions – hence, “simple.” For many people, a simple will is too limiting, but for those people who do just want a basic will prepared by an attorney, we have tried to make this process as easy as possible. We will prepare the following estate planning documents for Tennessee residents:
• Last Will and Testament
• Living Will
• Durable Power of Attorney for Health Care
• Durable Power of Attorney for Financial Affairs.
Our fees for most simple wills fall in the $500-$600 range. These fees include email, phone, or office consultations with our attorneys for answers to your estate planning questions. These fees may also include a testamentary trust for minor children if needed, but do not include living trusts, complex distributions, or additional estate tax planning that may be recommended depending on your specific situation.
Living trusts are often recommended as an alternative to wills and as a method of avoiding the costs of probate. We do not recommend living trusts for all of our clients; however, their usefulness has increased with the rising cost of administering an estate through probate. Our attorneys will be happy to learn more about your specific situation and provide guidance as to whether or not you and your family may be able to benefit from a living trust.
Our fee for preparing a basic living trust, including a pour-over will is generally between $1,000 and $1,250 (including the Living Will and Durable Powers of Attorney for Health Care and Financial Affairs). These prices do not include assistance in transferring assets to the trust. We will give you a detailed letter of instructions on how to transfer your assets to your trust, but it will be your responsibility to take the action necessary to actually transfer your assets. We can assist you in transferring assets to your trust or provide other services as needed at our regular hourly rates for services.
HOW DO I START MY ESTATE PLAN?
If you are a Tennessee resident and would like us to discuss your estate plan, please contact us at (615) 290-5354 to schedule a phone or office consultation.