The cost of estate planning in Colorado Springs can vary depending on the type of estate plan you want and/or need.  There are several factors to consider in determining what type of estate plan you need, including the complexity and type of assets you own, your family situation, the age of your beneficiaries, the potential taxability of your estate, and several other factors.  Ultimately, the cost of estate planning is almost always worth it because the cost of doing nothing is almost universally much higher in the end.    

Quick Overview – Estate Planning Costs

• Will estate plan: Lower cost, simpler structure
• Revocable Trust estate plan: Higher cost, more comprehensive
• More complex issues/estates: Higher cost due to customization and additional need for planning (i.e. tax planning).

Actual costs can vary widely, especially between attorneys, but a Will estate plan may range from a few hundred dollars to a couple thousand dollars.  Whereas, a Revocable Trust estate plan typically starts at a couple of thousand dollars and can range to upwards of ten thousand dollars depending on the attorney and the amount of work needed.  

Cost Differences: Will v. Trust

Will Estate Plan – Includes Will, Financial and Medical POAs, Living Will

• Pros:
  • Simpler to create and maintain
  • Very little to no pre-planning and/or asset maneuvering
  • Lower overall cost
• Cons:
  • May avoid probate of certain assets (e.g. beneficiary deed for real estate, accounts with beneficiary designations), but may also require probate after death for assets with no beneficiary designations
  • No asset protection for beneficiaries
  • Sets up forum and structure to cause litigation and fighting between heirs/beneficiaries

Revocable Trust Estate Plan – Includes Trust, Will, Financial and Medical POAs, Living Will, Transfer of assets documents (funding documents)

• Pros:
  • More comprehensive planning
  • Designed to avoid probate
  • Designed for management of assets for beneficiaries – 
  • Includes a variety of contingency planning – think Swiss army knife as opposed to a butter knife (Will estate plan)
  • Includes asset protection for beneficiaries
  • No forum for litigation and overall less likelihood for beneficiaries to fight
  • Immediate and smooth transition of control of assets when you become incapacitated or pass
• Cons
  • Periodic maintenance required – specifically, assets acquired over time must be transferred to the trust to avoid probate
  • Higher overall cost due to complexity of a trust
  • Requires planning and asset maneuvering to avoid probate

Many people choose a trust as part of a strategy for avoiding probate in Colorado, which can save time and reduce complications later.

Is Estate Planning Worth the Cost?

In almost every situation, yes.  While the upfront cost of estate planning can be significant ranging from $1,000 – $6,500 at The Law Office of Kevin R. Hancock, the cost of probate can be significantly higher ranging from $7500 to $25,000 plus.  Beyond the dollars, the REAL VALUE of estate planning is PEACE OF MIND knowing your family and assets are taken care of if you become incapacitated or pass away.  

Quick Tips – Attorneys’ Fees in Estate Planning 

• Flat Fee v. Hourly Fee
  • Some attorneys still charge an hourly fee for estate planning, but you should only pay an hourly fee if your estate planning requires significant and an undeterminable number of hours to draft and work through.  
  • Otherwise, most attorneys do and should charge a determinable flat fee for estate planning based on the type of estate plan you need.
• Avoid an Annual Maintenance Fee
  • Some attorneys, especially when you do a Trust estate plan, charge and require you to sign up for their “annual maintenance” plan for a significant fee, usually $750-$1,000 per year.  This is so that you can do any updates and/or maintenance to your trust annually.  The problem is most people do not need to do annual maintenance, and so they end up paying thousands of dollars, sometimes tens of thousands of dollars, for work that is never done or needed.  
  • At The Law Office of Kevin R. Hancock, we charge a flat fee on a per document basis for updates and/or maintenance.  We also meet with you and discuss the fee ahead of time so you know exactly what the update/maintenance will cost you before any work is done.

Frequently Asked Questions

Which Estate plan is more affordable in Colorado Springs?

A Will estate plan generally costs less than a Trust estate plan making it generally more affordable.  But, the lower cost up front means a higher likelihood of significantly more costs later.  

Why does a trust cost more than a will?

A trust involves more planning, drafting, asset maneuvering and coordination.

Can estate planning save money in the long run?

Yes. Avoiding probate and reducing complications will save time and expenses later.

When should I hire an estate planning attorney?

It is best to start before major life changes or before your estate becomes more complex.

What This Means for You

Estate planning costs can vary, but the most important factor is having a plan that fits your specific situation.

A simple plan may be enough for some individuals, while others benefit from a more comprehensive approach.

The right plan is not just about cost—it is about making your wishes clear, protecting your family and giving you peace of mind. 

If you’re in Colorado Springs or the surrounding area, The Law Office of Kevin R. Hancock can help you create a plan tailored to your needs.