How Much Does Estate Planning Cost in Idaho? | Guide 2024

Cost for Estate Planning in Idaho: The Price Breakdown

We’ll dive into the average estate planning costs and explain what you can expect to pay for your peace of mind.

The Initial Consultation

The first step in planning your estate is a consultation with a lawyer. This consultation is an important opportunity to discuss your needs and learn your next steps. 

Some estate planning attorneys in Idaho offer free initial consultations. However, many charge a small fee.

During your consultation, you’ll review your current assets and discuss how you want them to be handled after you pass. You’ll also try to anticipate issues that might arise during probate and begin to develop a plan that will ease the burdens on your heirs.

If you need ongoing advice or assistance from an estate planning attorney, you might pay an hourly rate. In Idaho, an estate planning attorney typically charges a few hundred dollars per hour. This fee structure is common for ongoing legal counsel, consultations for specific questions, or representation in court proceedings related to estate planning.

Estate Plan Essentials: Wills, Trusts, and Probate

It takes time to draft documents such as wills, trusts, powers of attorney, and advance healthcare directives. Mistakes can have significant repercussions, which is why choosing a skilled attorney to handle these documents is so important. 

Costs can vary based on the complexity of your situation, the type of documents needed, and the experience of your attorney. The average costs listed below are broad estimates, and you can speak to an attorney at Exceed Legal for personalized information about the costs of your estate plan.

Wills

A simple will outlines how your assets should be distributed after your death. It usually includes a durable power of attorney, which designates someone to make financial decisions on your behalf if you become incapacitated. 

You can also ask your lawyer to draft a healthcare power of attorney, which names someone to make medical decisions for you if you are unable to do so, and a living will, which outlines your end-of-life care preferences.

Ideal for: Individuals with straightforward assets and a clear understanding of their desired distribution. This option is often suitable for younger individuals with limited assets or families with simple financial situations.

Average cost: $350 to $1,150

Factors affecting cost:

• Complexity: Simple wills with few assets and straightforward beneficiaries will cost less than complex wills involving multiple beneficiaries, real estate, or business interests.
• Attorney Experience: Experienced estate planning attorneys often have higher fees.

Trusts

Trusts are complex legal structures that can protect your assets and allow part or all of your estate to bypass probate. 

With a revocable living trust, you can maintain control over your assets during your lifetime and specify how they will be distributed after your death. Irrevocable trusts provide more robust asset protection, but you will give up control of the assets once they are placed in the trust.

Ideal for: Individuals with complex assets, those seeking tax minimization, or those wanting to avoid probate proceedings. Trusts can be particularly beneficial for individuals with substantial assets, business owners, or those with complex family dynamics.

Average cost: $1,150 to $3,950

Factors affecting cost:

• Type of Trust: Revocable living trusts are generally less complex than irrevocable ones.
• Trust Provisions: The more detailed the trust provisions, the more time and knowledge will be required, leading to higher costs.
• Complexity of Assets: The type and number of assets held within the trust will also influence costs.

Probate

Probate is the legal process that occurs after a person dies. After the will is deemed valid, a personal representative of the estate will manage the assets, pay debts and taxes, and distribute the rest of the estate as the will directs. 

The cost for probate in Idaho can range from $3,500 to $7,900 or more. Here’s a simple breakdown:

• Filing the Will: The original will and a certified copy of the death certificate must be filed with the appropriate probate court.
• Notifying Creditors and Heirs: The law requires certain people and entities to be notified of the probate proceedings.
• Identifying, Inventorying, and Appraising Assets: This can be a significant task if the deceased person had many assets, especially complex assets like a business.
• Paying Estate Debts and Taxes: This might involve negotiating with creditors, selling assets to pay debts, and preparing and filing estate tax returns.
• Distributing Remaining Assets: The personal representative transfers the assets, ensuring each heir receives what they are legally entitled to.
• Addressing Legal Disputes: If someone contests the will or there is a dispute over who should inherit, a probate attorney may need to represent the estate in court.

A well-designed estate plan can make the probate process go more smoothly for your heirs. Meet with your estate planning attorney to discuss your specific needs and determine a trustworthy person to name as your personal representative.

Document Review

Your estate plan should evolve as your family changes. To review and update existing estate plan documents, attorneys in Idaho charge between a few hundred and several thousand dollars. 

This fee depends on the number of documents, the extent of updates required, and the complexity of the changes. Thus, updating a will to reflect a new beneficiary will cost less than revising a trust with new provisions.

If you already have an estate plan and only need one or two new documents, you can hire an attorney to prepare them individually. An attorney might charge between $150 and $550 per document, depending on the document and the attorney's experience. 

Trusts will likely cost more due to their intricate structures and legal requirements.

Trust Administration

Trust administration is the process of managing and distributing the assets held within a trust. The administrator has legal and ethical responsibilities to both the creator of the trust and its beneficiaries. 

The cost of trust administration in Idaho can range from $1,750 to $5,650 or more, depending on the complexity of the trust and the services required.

Administering a trust after the death of the trust creator may involve the following steps:

• Identifying and Inventorying Assets: Including all assets held within the trust, such as real estate, bank accounts, investment accounts, and personal property.
• Obtaining Appraisals: Often necessary for accurate tax reporting and distribution to beneficiaries.
• Paying Trust Debts and Expenses: Including bills, invoices, and legal fees.
• Preparing and Filing Tax Returns: Complying with state and federal regulations regarding income taxes and estate taxes.
• Distributing Assets to Beneficiaries: Transferring ownership of assets to the beneficiaries according to the instructions in the trust document.
• Addressing Legal Challenges: Defending the trust's validity in court in the event of a legal challenge.

With a well-planned trust and a reliable administrator, you can rest assured that your wishes will be honored and your heirs will be taken care of. Contact Exceed Legal for professional trust administration services in Idaho. 

Additional Costs in Idaho Estate Planning

While attorney fees are a significant part of estate planning costs, they are not the only expenses. Here's a breakdown of the costs associated with estate planning in Idaho:

• Flat Fee Services: Attorney fees for specific tasks, such as preparing a basic will or trust, can range from $300 to $3,000 or more.
• Court Fees: While not all estate plans involve court proceedings, court fees in Idaho can range from $100 to $500 or more.
• Notary Fees: Many estate planning documents require notarization; you can expect to pay $5 per document plus travel expenses for notary services.
• Recording Fees: These are specific fees charged by title companies to record documents such as letters testamentary, powers of attorney, and deeds.

Ask for a detailed fee schedule or a quote before hiring an attorney to ensure you understand the full scope of potential costs.

Take Control of Your Future — Plan Your Legacy With Exceed Legal

The cost of estate planning in Idaho is an essential investment in protecting your family and legacy. By understanding the various fees involved, you can make informed decisions and find an approach that fits your budget.

Securing your future and your loved ones' well-being is an investment worth making. Our estate planning attorneys at Exceed Legal can create a plan designed to meet your needs. Contact us today for a personalized consultation.