Estate Planning Process and Fees

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 At KKI Law, we know that estate planning can be stressful and confusing, so we strive to make this process as comfortable and stress-free as possible for you. We are here to guide you every step of the way. Our goal is to create a welcoming environment where you feel supported and confident in the decisions you make for your future and that of your loved ones.  With her years of experience as an educator, Kim meets with you and explains the process thoroughly so that you feel comfortable and confident with the choices you make. 

Estate planning is a critical aspect of financial planning that ensures that your wishes are respected and your loved ones are taken care of after you are gone.  Without a well-thought-out estate plan, the distribution of your assets may be determined by state intestacy laws, which may not align with your wishes.  Proper estate planning can help minimize taxes, avoid probate, and provide for your loved ones, including minors and beneficiaries who are not capable of managing their own affairs.  You may also express your wishes about medical treatment and funeral arrangements through estate planning. 

 The estate planning process can seem overwhelming, so our firm strives to make it a smooth and fulfilling experience for our clients.  Below is a general summary of what you can expect during the process:

1. We ask that all prospective clients review our firm's policy, fees, and process regarding estate planning.
2. Our initial consultations are scheduled via Zoom.
3. Prior to our scheduled initial consultation meeting, we ask our clients to fill out our estate planning intake form. If you choose to complete the PDF version, you can then upload it to our encrypted confidential site.  
4. At the initial consultation meeting, we will go over which estate plan is best suited for your situation and will answer any questions you have at that time.  Thereafter, we will send you our firm's engagement letter to sign via DocuSign.
5. We will draft your estate planning documents within two weeks of your scheduled meeting and will send it to you via an encrypted email. 
6. If you have any revisions, we will work with you to finalize the documents and will schedule a meeting to sign.  Please note we require at least five business days advanced notice  to prepare the documents for signing.  Once the meeting date is scheduled, we also request at least 48 hours advanced notice if you would like to reschedule or cancel the meeting.
7. At the signing meeting, you will sign the documents before a licensed notary public from our office.  Thereafter, we will make copies of the documents, prepare a binder and flash drive, and will arrange to hand deliver or mail the binder to you.
8. In your binder, there will be a checklist of items that you will need to follow up on in order to appropriately fund your trust. 

We recommend that you have your estate planning documents reviewed every 3-5 years or when life-changing events occur.

 An estate plan is a comprehensive plan for protecting your assets and ensuring that your wishes are respected after you pass away. Estate planning typically includes several key documents that work together to accomplish your goals. These documents may include:

1. Revocable Trust (Joint or Individual): A trust is a legal arrangement in which a trustee holds and manages assets for the benefit of one or more beneficiaries. Trusts can be used for a variety of purposes, including preparing for incapacity, avoiding probate, and providing for loved ones.
2. Assignment of Personal Property:  This document assigns your personal property to your trust.
3. Pour-Over Will: A will is a legal document that states that anything that was not transferred to your trust should be conveyed to your trust. It also names a Personal Representative to handle the administration of your estate.
4. Durable Power of Attorney: A durable power of attorney is a legal document that allows you to name someone to make decisions on your behalf if you become unable to make decisions for yourself.
5. Advance Health Care Directive: A health care directive, also known as a living will, is a legal document that sets forth your wishes for medical treatment if you become unable to make decisions for yourself.
6. Digital Assets Authorization: A document that provides your fiduciaries with access to your digital assets, such as your email and social media accounts.
7. HIPAA Release: A HIPAA release is a legal document that authorizes your medical providers to share your medical information with designated individuals.
8. Deed: A legal document that conveys your residence/real property to your trust.

These are just a few of the many documents that may be included in an estate plan. 

 Estate planning is an important step in ensuring that your assets are distributed according to your wishes and in a manner that is cost effective.   When considering the cost of estate planning documents, it is important to understand the value they bring and the potential costs for not having them in place.   

The cost of your estate plan varies depending on several factors, including the complexity of your estate and the amount of assets involved.  Please note that we do not create estate plans for individuals with more than $5.49 million and couples with more than $12.92 million.   

The fees and costs associated with our basic estate planning packages are set forth below.  Please note that additional hourly fees of $300 per hour may apply to the extent your estate plan is complex or requires extensive customization.    

Single (Unmarried) Trust Package:  $2,500, exclusive of GET and the costs relating to the deed (includes all estate planning documents plus one deed).  The recording costs for the deed is $50-$100 per property, and the cost of a title report per property is $500, payable to the title company.

Married Couple Trust Package:  $4,000, exclusive of GET and the costs relating to the deed (includes all estate planning documents identified above, plus one deed).  The recording costs for the deed is $50-$100 per per property, and the cost of a title report per property is $500, payable to the title company.

Cost of Additional Deeds:  $350, plus recording costs and the cost of a title report (the cost is per per property).

*Prices are subject to change, and an hourly fee of $350 per hour may apply to the extent your estate plan is complex or requires extensive customization.