Cost of Estate Planning

[TheSingularity]

Working with an attorney to set up Wills, Powers of Attorney, Living Will for my wife and I as well as a trust for our daughter.

Was quoted $1900 to do all of this. Is this reasonable?

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[Porfirio]

With this economy and thirsty lawyers lining up? I would counter offer less $$. If they say no, then find another one.

 

[TheSingularity]

Not a useful response

With this economy and thirsty lawyers lining up? I would counter offer less $$. If they say no, then find another one.

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[deleted126335]

Working with an attorney to set up Wills, Powers of Attorney, Living Will for my wife and I as well as a trust for our daughter.

Was quoted $1900 to do all of this. Is this reasonable?

Yes. More importantly, I would recommend that you choose an attorney that does this as a large fraction of their business (estate planning). Not a generalist who does a little of everything.


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[docB]

It's in line with quotes I've gotten. I wouldn't worry about trying to negotiate with the lawyer. Focus on finding one you connect with and who seems like he/she really understands you and your family's goals and risk tolerance. For example some people want the security of an irrevocable trust and will put up with the extra work and inconveniences, others not so much. Pick a lawyer you can see yourself sticking with for years. Switching always results in the new person wanting to rearrange what the old person did, usually at high expense.

 

[Birdstrike]

Working with an attorney to set up Wills, Powers of Attorney, Living Will for my wife and I as well as a trust for our daughter.

Was quoted $1900 to do all of this. Is this reasonable?

I just had an attorney do all of that for my wife and I, plus set up a trust for my kids, in the event my our insurance had to pay out. They charged me $1,600 and I felt like I was kicked in the gut when I got the bill. Considering what you and @docB have been quoted, I guess I shouldn't feel so bad. If you can get it done cheaper and done well, go with it. But if not, consider that you're talking about how to safeguard the entirety of your assets in the event you die with an insurance policy in place, and that $1,900 would be only a small fraction of that. At least that's what the lawyers would tell you.