Frequently Asked Estate Planning Questions
At Bailey and Thomas, our goal with every client is to provide a comprehensive and customized estate plan to best meet their individual needs, and in doing so, provide our clients with peace of mind that they have adequately prepared themselves and their loved ones for the future.
Commonly Asked Estate Planning Questions
The three primary estate planning documents that we recommend all clients create are a Health Care Power of Attorney & Living Will, Durable Power of Attorney, and a Last Will and Testament. Some clients also require Trusts to enhance their estate plans.
For a more comprehensive explanation of these documents,
please read our blog post titled “Estate Planning”.
If you have previously created estate planning documents and can easily access them, please bring them to your estate planning consultation. It will also help for you to come prepared to your meeting with a basic understanding of what assets you presently own and who you wish to fill the roles of Health Care Power of Attorney, Financial Power of Attorney, and Executor of your Will, as well as at least one person to be named as a substitute for each role.
We prepare estate planning packages that are customized to each client’s needs and objectives. The cost of each package is determined by the complexity of the documents prepared. However, for budgeting purposes, we find that many of our packages fit comfortably in the following ranges:
Individual Estate Plan*
Health Care Power of Attorney, Durable Power of Attorney, & Will Plans start at $1,000-$2,000
Powers of Attorney Only, $300
Trust Based Estate Plan Plans start at $2,500
Married Couple Estate Plan*
Health Care Powers of Attorney, Durable Powers of Attorney, & Wills Plans start at $1,500-$2,500
Powers of Attorney Only, $500
Trust Based Estate Plan Plans start at $2,500
*Please note that the above prices are only estimates. We determine the final cost based on the complexity of each client’s estate planning needs and can provide an accurate cost during your consultation.*
Our consultation fee is $300 for a one-hour appointment.
For clients that move forward with hiring our firm’s services to prepare their estate planning package, the consultation fee is included in the final cost and due upon signing your estate planning documents. For clients who choose not to prepare an estate planning package with our firm, the consultation fee will be due at the end of your appointment.
Yes, as long as you are a resident of North Carolina at the time you create your estate planning documents, they are and will remain valid, even if you move out of state.
At a minimum, we suggest clients review their existing estate plan with an attorney every five (5) years to discuss potential changes in the law and assess their plan’s suitability to their present and projected future circumstances. However, there are numerous life changes that may warrant immediate and necessary revisions to your estate plan so it may function efficiently to achieve your objectives and best protect your family.
For a more comprehensive list of life events that may warrant updating your estate plan, please read our blog post titled
“When Should I Update My Estate Planning Documents?”
We recommend that any child over the age of eighteen (18) years establish their own Health Care Power of Attorney and Durable Power of Attorney enabling a family member to assist them in the event of a crisis. This can be particularly important for adult children as they head off to college and away from their parents for the first time.
It is extremely important that you update beneficiary designations on your financial accounts and assets so they coordinate with your estate planning intentions. We will be glad to forward our recommended beneficiary designation language and copies of your estate plan to your trusted financial adviser, financial institution, or other authorized party, at your instruction.
