Estate Planning & Elder Law Attorneys Serving Virginia & North Carolina (2024)

FAQs

How much does estate planning cost in Virginia? ›

Estate planning attorneys, also referred to as estate law attorneys or probate attorneys, are experienced and licensed law professionals with a thorough understanding of the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed after your death.

Although The Code of Virginia allows “non-lawyers,” such as title insurance companies, to close real estate transactions, there are many benefits to spending a little extra to have a licensed attorney on your side.

Estate planning, through investments and insurance, provides a financial buffer so your family can continue living as intended. You minimize taxes for beneficiaries. By law, your beneficiaries must pay a considerable amount in taxes before they can receive their inheritance.

As a general guideline, an executor is entitled to whatever fee is fixed by the will. Where a specific fee was not fixed, the courts have considered reasonable a fee equal to 5% of the assets.

If the value does not exceed $15,000, Virginia Code Section 58.1-1714 makes it unnecessary to file a probate tax return. Virginia Code Section 58.1-1718 authorizes the county or city in which the probate occurs also to assess a tax equal to one third of the amount of the state probate tax. List of Heirs.

Charges vary from lawyer to lawyer based on their fees, as well as the complexity of your overall estate. In the end, expect to pay $1,000 or more. If you decide to go the DIY route, your costs will likely fall to around $200 to $500, depending on which online program you prefer.

A Trust, Will, Power of Attorney, one Deed to the Trust and an Advance Medical Directive will cost about $2,500 for a couple and $1,900 for a single. That is substantially less than probate, which AARP estimates to be between 6% and 10% of the total value of the estate.

The probate tax applies to any estate worth more than $15,000 and it is $0.10 for every $100. For example, an estate valued at $500,000 would pay $500 in probate taxes. Additionally, some localities impose extra fees that are 1/3 of the probate taxes paid.

Is estate planning for the rich? No. Individuals from any economic background can start estate planning if they wish to pass on their assets to family, friends, companies, etc.