What is a reasonable price to adapt an estate plan from Ohio to New Jersey?
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What is a reasonable price to adapt an estate plan from Ohio to New Jersey?
My wife and I recently retired and moved from Ohio to New Jersey. The Ohio attorney who drew up our estate plan recommended we work with a New Jersey attorney to make sure the plan met all New Jersey laws and regulations. We met with an attorney in NJ and she basically wants to write a new plan at a cost of 5000. I was expecting just some adjustments to our existing plan for much less money. There were no substantial changes recommended, just some fine-tuning for the inheritance tax and beneficiary designations. Were my cost expectations out of line?
Asked on May 12, 2019 under Estate Planning, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
I think $5,000 is high; you should seek other quotes. Most attorneys charge an average of, say, $250/hour in NJ (I'm an NJ attorney, so I have experience with this)--partners in pricey firms charge more, associates or small/solo practioners charge less, so $250/hour is a reasonable benchmark. $5k is the equivalent of 20 hours of work, and adapting an existing plan should not take anything like 20 hours.
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