Estate planning in Mississippi can have different costs. These depend on many things like how complex your estate is, what you need done, and who you work with.
Trust creation
- Setting up a trust might cost about $2,000.
Will writing
- Writing a will might cost around $500.
Healthcare directive
- Making a healthcare directive could be between $250 and $300.
Power of attorney
- Setting up a power of attorney could be about $375.
These are average costs. The actual price can change based on your specific needs
1. Initial consultation: can be free, up to around $400
When you first meet with a lawyer in Mississippi, it's a chance to talk about what you need. You can learn how everything works and see if you like the lawyer's services.
This first talk usually costs between $100 and $400, but some lawyers might offer it for free. This price helps make sure you are serious about getting help. It also stops people from looking for a cheaper lawyer just to save money.
At Snug, you can start for free. You only pay when your documents are ready to be finished.
2. Estate plan drafting: $900 to $4,250
Making an estate plan involves creating a few different important documents. These include a will, trust, power of attorney, and health care directive.
In Mississippi, the full cost to make these documents can range from $900 to $4250. It depends how complex your estate is and the lawyer's experience.
Creating a will by itself might cost from $250 to $850. A trust could cost between $900 and $2950, depending on the kinds of assets you want to put in it, and the value of those assets.
At Snug
Snug lets any member make a Power of Attorney and Health Care Directive for free. Making a will costs $195. Making a trust costs $500.
3. Document review: $450-1,700
If you need to check or change your estate planning papers, lawyers in Mississippi usually ask for $450 to $1,700. This price changes based on how many documents you have and how big the changes are.
Simple changes, like updating a name or address, might be cheaper. More complex updates, like changing beneficiaries or asset distributions, could cost more because they need more work.
Using Snug
At Snug, you can upload and analyze any existing documents. As part of the analysis, you’ll see key details for each document and a personalized plan to update and maintain each document.
4. Individual document preparation: $150-$400 per document
Specific document preparation, like drafting a single will or power of attorney, can cost between $150 and $400 per document in Mississippi. The cost depends on the complexity of the document and the attorney's experience and expertise. If you already have a baseline estate plan and only need one or two new documents, this might be a good route for you. Otherwise, it's often most cost-effective to prepare all documents at once.
At Snug, you can create individual documents or entire estate plans whenever you want. Any member can create a Power of Attorney and Health Care Directive for free. A Will costs $195 and a Trust costs $500.
5. Trust administration: $1,350 to $4,250+
Trust administration is a multi-step process that begins after the death of the person who created the trust (or the "grantor", to use the technical term). It involves managing and distributing the assets within the trust according to the grantor's instructions.
In Mississippi, the costs for trust administration can range from $1350 to $4250 or more, depending on how complex the trust is and how much work is involved in managing it. Some of the tasks that this fee might cover include:
- Identifying and inventorying all of the trust assets: This can include real estate, bank accounts, investment accounts, personal property, and more.
- Getting appraisals for assets if needed: Some assets may need to be appraised for their current market value.
- Paying any debts or expenses of the trust: This can involve reviewing bills and invoices, making sure they are legitimate, and then paying them from the trust assets.
- Preparing and filing any necessary tax returns: This can include both income tax and estate tax returns.
- Distributing assets to beneficiaries as instructed in the trust: This often involves preparing new deeds or other transfer documents and working with financial institutions to transfer ownership of accounts (Mississippi has specific laws around this).
- Addressing any legal challenges to the trust: If someone contests the trust, the attorney might need to represent the trust in court.
The cost of maintaining a trust in Mississippi: usually a percentage of assets
A trust needs regular care to keep working as it should. This includes some ongoing costs.
Running costs: 0.5% to 2% of the trust's value
Trustees, who take care of the trust, get paid. They might get a set fee every year or a part of the trust's value, usually 0.5% to 2%.
Investment fees: 0.25% to 1% of the money being managed
If the trust makes money through investments, there are fees for that. These are usually 0.25% to 1% of the money being managed.
Legal and accounting help: can be $2,000 to $5,000
The trust needs to keep up with laws and keep its books in order. This means paying for legal and accounting help every year, which can cost $2,000 to $5,000.
6. Probate: can cost around$6,000
Probate is the legal process that happens after a person dies and leaves behind a will. It involves proving the will is valid, identifying and inventorying the deceased person's property, having the property appraised, paying debts and taxes, and distributing the remaining property.
In Mississippi, the cost for probate can range from $2700 to $5950 or more. The actual cost can vary greatly depending on whether the estate is simple or complex, and whether there are any legal disputes over the will or estate. Here are some of the services that might be included in this fee:
- Filing the will with the appropriate probate court: This involves providing the original will and a certified copy of the death certificate to the court.
- Notifying creditors and potential heirs: The law says you have to tell certain people when probate starts.
- Identifying, inventorying, and appraising the estate assets: This can be a big, expensive task if it involves lots of assets, or 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 the remaining assets to the heirs: This requires preparing the proper legal documents to transfer the assets and making sure each heir gets what they are supposed to.
- Representing the estate in any legal disputes: If someone contests the will or there is a dispute over who should inherit, the attorney mightneed to represent the estate in court.
7. Hourly legal advice: usually $150 to $400 per hour
For ongoing advice or assistance from an attorney, you may be charged an hourly rate. In Mississippi, an estate planning attorney typically charges between $150 and $400 per hour.
8. Flat fee services: can range widely, from $250 to more than $3,000
Some attorneys offer flat fee services for specific tasks, such as preparing a basic will or trust. In Mississippi, an estate planning attorney typically charges between $250 and $3000 or more, depending on how complex the task is.
9. Court fees: $100-$500
If your estate planning involves court proceedings, you'll have to pay court filing fees. In Mississippi, court filing fees can range from $100 to $500 or more.
10. Notary fees: $10-$50
Lastly, many estate planning documents require notarization. In Mississippi, you can expect to pay between $10 and $50 per document for notary services.
