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will and estate planning

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  • Avatar dsog 
    Participant
    Status: Physician
    Posts: 18
    Joined: 12/28/2017

    I live in the northern suburbs of Chicago and am looking to create a will and revocable trust for my family. As I’d like to get this process right, I’m thinking about hiring an attorney to help with this. Any suggestions about finding a reliable and a fairly priced attorney in my area for this purpose? Also, what should I expect to pay for this service, ballpark?

    Thanks.

    #205595 Reply
    Avatar EM->CCM MD 
    Participant
    Status: Physician
    Posts: 42
    Joined: 07/23/2017

    My brother is an attorney so I asked him. He advised we use a smallish legal group. Most people who don’t have insanely complex estates will be well served with that type of set up. He said that would probably be the best bang for your buck. Also advised against legal zoom as getting a will wrong (highly state specific) can cost your heirs tens of thousands and potentially put your kids at risk. Suggested that might be penny wise but pound foolish.

    We are actually meeting with an estate attorney next week. We’re paying a flat fee of $1,500 all included for estate plan – wills, trust, POA and advanced directives for me and my wife. Talking to my brother $1-3,500 is probably reasonable if you don’t have an insanely complex. I talked to another group who wouldn’t give me a price and another who was in the low $2k range.

    I asked around to the folks in my group. One person highly recommended her. My neighbor is a financial advisor and she is also the person who their firm refers to. I think getting multiple recommendations from different circles clinches the deal.

    #205598 Reply
    Liked by Tim, DerekLava
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3238
    Joined: 01/21/2016

    I suggest talking to colleagues and see who they use. We ended up using the recommended lawyer of my father-in-law, who happened to be a financial planner and insurance salesman.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #205618 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1906
    Joined: 09/16/2016

    I would expect to pay at least a couple thousand dollars.

    As said above, ask your colleagues.  Preferably ones that are older than you and have a lot more money.  😉

    Otherwise you can look for an estate planning specialist in your area, or an ACTEC fellow.

    LEVEL 1 WCI FORUM MEMBER.

    #205693 Reply
    Liked by Hank
    Avatar jz 
    Participant
    Status: Physician
    Posts: 649
    Joined: 01/09/2016

    We chose ours because he is widely referred to in our northern IL city and is wicked funny, based upon decades of experience. He ridicules everyone involved, esp. the beneficiaries.  His fee structure was $1000, $3000, or $5000; but I don’t remember what it was based upon.

    #205705 Reply
    Andrew Musbach Andrew Musbach 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 32
    Joined: 10/19/2017

    @dsog – Mike Rhoades does a great job and charges on flat fee structure that is based on the documents you need ($3-5k). His office is in Northbrook. I have no affiliation.

    http://www.rhoadeslevylaw.com/profile.html

    Andrew Musbach, CFP® | [email protected]
    MD Wealth Management, LLC | http://www.mdwmllc.com

    #205760 Reply
    Avatar pulpsnatcher 
    Participant
    Status: Dentist
    Posts: 43
    Joined: 09/10/2018

    Also consider that these documents will likely be modified as the dynamics of your life change. So find someone that you can work with for the foreseeable future.

    Since having children, we are on our third document revision.

    #206961 Reply
    Liked by q-school

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