Estate Planning..

So, anybody been through the Estate Planning process? With my second kid on the way I figure I'd better get cracking on this stuff. What's this going to cost me if I go through a lawyer to get all the papers drawn up? I'm talking Will, Legal Power or Attorney, and that one where I tell em to pul the plug so I won't be a vegetable. And no, I don't plan to use the Internet for this.

 

I'm going through this right now but am using the internet. I would also like to hear what others have spent on a lawyer. I have heard from a friend once that he spent $600 on just the Will which seems like a lot to me and why I am going the internet route (well, that and I don't have a couple of million in an estate yet which I have heard is the dividing line between attorney or no attorney).

 

If I recall correctly, I paid a lawyer $100 for a power of attorney in early 1995. I got a living will ["....pulling the plug..."] from my general practioner(for "free"). I don't know about the laws in VA, but here in NC a will is legal that's written in your own hand. You don't need a lawyer, nor do you even have to get it notarized.

 

I'm thinking $600-$700 range. I got a referral from my financial advisor so I'm going to call and check when I get a chance.

 

Jazz, does the power of attorney ever expire? I know the living will may have to be updated but was curious as to the other documents.

 

I don't know. If I had to venture a guess I'd say not. [My mom passed within a year(1995) of my getting it.]

 

I'll have to look into that. Someone told me they were good for 10 years but that may just be the lawyers wanting more money to do an unneccesary update.

 

We did the whole thing about 5 years ago. Seems it was about $600.

 

You should be able to do it all for less than $750, even in a decent sized town (where fees are actually higher).

VA - this stuff is all state law controlled, and varies a good bit from place to place. Will formalities are totally ridiculous.

 

I went to the local library ,got the paper for the will,free.Doctor gave me the living will papers filled them out.Make sure you give a copy of the living will to your doctor and your kids or someone you trust.I also have a copy of the will at the courthouse.I did have the will notirized.Cost for all less than 20 bucks.