GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of Estate Planning

The average cost of estate planning typically ranges from $1,000 to $3,000 nationally in the United States.

Last Updated: June 23, 2024

How we write

In this post, we’ll explore the average costs associated with estate planning, shedding light on the various services and documents involved. From basic wills to trust-based plans, we’ll provide insights into the typical expenses individuals may encounter when preparing their estate. Whether you’re considering online services or opting for traditional attorney-drafted plans, understanding the financial aspects of estate planning is crucial for making informed decisions about securing your assets and legacy.

Statistic 1

"Trust-based estate planning services can cost approximately $2,000 to $4,000 for a single individual."

Statistic 2

"The average cost of a basic estate plan, including a will, power of attorney, and healthcare directive, ranges between $1,000 and $2,500."

Statistic 3

"Advance healthcare directive documents, when added to estate planning, can cost an additional $200 to $400."

Statistic 4

"The majority of estate planning clients are aged between 50 and 70 years."

Statistic 5

"Online estate planning services can cost as little as $100 to $500 for basic documents."

Statistic 6

"A revocable living trust costs between $1,500 and $3,000 to set up with an attorney."

Statistic 7

"The hourly rate for estate planning attorneys typically ranges from $200 to $400."

Statistic 8

"Traditional attorney-drafted estate plans can be up to three times more expensive than online services."

Statistic 9

"Informal family documents or DIY wills can cost less than $100 but carry a higher risk of being contested."

Statistic 10

"About 8 in 10 people believe that estate planning is only for the wealthy."

Statistic 11

"When using a flat fee structure, simple wills can cost between $300 and $600."

Statistic 12

"Around 60% of Americans do not have a will or any form of estate planning."

Statistic 13

"More comprehensive estate plans, which include trusts, can cost between $3,000 and $5,000."

Statistic 14

"Additional documents like living trusts can add $1,200 to $2,500 to the cost of estate planning."

Statistic 15

"Estate tax returns for high-value estates can add $1,000 to $2,000 in preparation fees."

Statistic 16

"Probate fees can range from 2% to 7% of the estate value if proper estate planning measures are not in place."

Statistic 17

"Estate planning costs can go up to $10,000 or more for complex estates involving significant assets and multiple beneficiaries."

Statistic 18

"Low-cost clinics and legal aid societies may offer estate planning services at reduced rates, sometimes under $500."

Statistic 19

"Fees for a financial power of attorney document generally range from $100 to $300."

Statistic 20

"Many estate planning attorneys offer free initial consultations, which usually last about an hour."

In conclusion, the average cost of estate planning can vary significantly depending on the complexity of the individual’s situation and the services required. Basic estate planning packages can range from $1,000 to $2,500, but additional documents like trusts or healthcare directives can increase the cost by several hundred or even thousand dollars. Online services offer a more affordable option starting at $100, with the potential drawbacks of not receiving personalized legal advice. For those with more complex estates, costs can escalate to $10,000 or more, especially if estate tax returns or probate fees are involved. Despite the perception that estate planning is only for the wealthy, the majority of clients fall within the 50 to 70 age range, highlighting the importance of planning for one’s assets and healthcare decisions regardless of financial status.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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