The beauty of having lots of wealth is that you get to enjoy the lifestyle that you have always dreamed about. However, life is limited and we all leave this world sooner or later. You should plan for our wealth while you are alive and this includes how it should be divided to your loved ones when you are no longer alive.
Wills and trust funds are the best way to ensure that your family is well taken care of in your absence. However, the wills and trusts need an executor that is often a lawyer, thus the need to learn as much as possible about the processes involved before hiring one. It will also help to understand the legal fees that the lawyer will charge for legal services rendered in the will or trust process.
The role of a living trust or will lawyer
A will is a document written by a person to provide guidelines on how they want their wealth to be shared. It may also include funeral and other requests that should be executed once the author of the will meets their demise. The government takes over asset distribution to the beneficiaries in case the deceased did not have a will.
A trust dictates the distribution of wealth to beneficiaries although it is executed when the initiator of the trust is still alive. The difference between the two documents is that ta will is executed when the person is dead and a trust is executed from the moment it is made.
Hiring a lawyer is often expensive regardless of the reason. Their charges vary depending on various factors and it is the same case for will and trust lawyers. They will likely charge a flat fee ranging between $300 and $1,200. One of the factors that may influence the lawyer’s fee is their experience, where a more experienced lawyer will likely charge a higher fee.
The flat fee will cater for documents involved in basic estate planning and the written will. Lawyers also charge for their time, usually in hourly fees that may range from $150 per hour. If you do get a lawyer, make sure the process is quick and without delay to get your money’s worth.