How Much Does Estate Planning Cost?

Estate planning helps protect your assets and your legacy. But how much will it cost?

The short answer is that estate planning costs vary widely. The price depends on how complex your estate is and what kind of planning you need.

This guide explains estate planning costs, what affects the price, and what you are paying for. By the end of this article, you’ll understand what you’re really paying for, so you can plan with confidence.

What is the average cost of estate planning?

Estate planning costs usually fall into three main categories.

• Basic estate planning: £150 to £500

• Moderate estate planning: £500 to £3,000

• Advanced estate planning: £3,000 and above

A basic estate plan usually includes a simple will. This works well for people with few assets or a small estate. Costs go up if your estate is more complex, especially if you need trusts, tax planning advice, or have business interests.

What do estate planning costs cover?

Estate planning costs often include both the documents you need and the advice you receive. Common components of a plan are:

• A legally valid will

• Lasting Powers of Attorney (financial and health)

• Inheritance tax (IHT) planning

• Trust structures, where appropriate

• Professional advice tailored to your circumstances

Estate planning costs by service type

Basic estate planning: DIY and online estate planning

Online platforms and DIY will-writing services usually cost about £150. If your will is more complex, the price will be higher.

These options are best for people with very simple estates. But these services often do not give personal advice or consider tax savings or future changes. If mistakes happen, fixing them later can cost more.

Average cost: £150 to £500

Moderate estate planning: professional estate planning

Professional estate planning gives you advice that fits your situation, makes sure your documents are correct, and follows the law.

At this level, you might set up a trust to manage and protect your assets. There are several types of trusts, and the cost depends on which one you pick and how complicated it is.

Average cost: £500 to £3,000

Advanced estate planning: specialist and complex estates

If you have a high net worth or own assets in other countries, you may need a more comprehensive estate plan. This can include estate tax planning, business succession, and asset planning across different countries.

Although this option costs more, it can lower your taxes and make it easier to pass on your assets.

Average cost: £3,000+

Keep in mind that estate planning fees can vary significantly from person to person. Talk to a professional to get an estimate based on your needs.

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Factors that influence estate planning costs

There is no set price for estate planning because every situation is unique. The main things that affect the cost are:

• Complexity of assets: such as multiple properties or investments

• Use of trusts: for asset protection or tax efficiency

• Business: ownership or succession planning needs

• Jurisdiction: particularly if assets are held in more than one country

In general, the more personal advice you need, the higher your estate planning costs.

Additional estate planning costs

Many people think estate planning is a one-time cost, but there are often ongoing considerations.

• One-off costs: these include drafting wills and setting up trusts

• Ongoing costs: these can include trust administration, periodic reviews, or updating documents after major life events

You should also consider other expenses, such as estate administration and probate fees, when adding up the total cost of estate planning.

Common mistakes that increase the cost of estate planning

Certain missteps can lead to higher costs down the road. Some of the common estate planning mistakes to look out for are:

• Putting off planning or not having a plan at all

• Using simple legal documents for complex estates

• Failing to keep your estate plan updated

• Overlooking tax or international considerations

Addressing these issues early is almost always less expensive than fixing them later.

Is estate planning worth the cost?

When thinking about the cost of estate planning services, it helps to compare it with what could happen if you do not plan at all.

Without a proper plan in place, your loved ones may face:

• Higher inheritance tax liabilities

• Lengthy probate delays

• Legal disputes

Estate planning is not only about saving money. It also protects your assets, reduces stress for your loved ones, and makes sure your wishes are followed.

A worthwhile investment

Estate planning costs can vary depending on several factors, including the complexity of your estate and the level of service you need. Still, it is a worthwhile investment that helps reduce the stress of uncertainty, disputes, and inefficiency.

By learning about estate planning costs ahead of time and getting the right advice, you can create a plan that protects your wealth, helps your loved ones, and gives you peace of mind.

Talk to one of our specialists today to find out how we can help you secure your legacy.