Estate Planning Advice with Attorney Emily Sullivan of Heritage Law LLP

Estate Planning & Mediation - Frequently Asked Questions

Who needs an estate plan?

Nearly everyone. A proper estate plan ensures a smoother transition for your family and is your opportunity to protect them and control your legacy. It gives you the power to decide what happens to the things you've earned, inherited, and accumulated.

If you have children, an Estate Plan allows you to have peace of mind that they will be cared for by the people of your choosing. While no one enjoys thinking about life after he/she is gone, your family will be grateful that you did.

how much does an estate plan cost?

An estate plan, including a trust, for a married couple will typically cost between $3200-3600; for single people it will be in the range of $2400-3000. Costs vary depending on the range of documents required to properly protect your estate and the family dynamics at issue. A simple will that does not include a trust is less expensive.

WHY DO I NEED A Will or TRUST?

Very simply, a will tells the world to whom you want to leave your assets. Without a will, the state decides by following intestacy laws. This includes important matters like caring for your children--if you are a parent to young kids, an estate plan is essential for you to designate guardians and put people in place to love and care for your kids if you cannot.

A trust works to place conditions on how your assets will be distributed. It is also a useful planning tool to avoid the probate process, protect assets for the intended beneficiaries, and provide a more comprehensive plan to deal with the future unknowns.

what to expect during the estate planning process?

Before you agree to work with us, we will meet with you to understand your needs and goals. Prior to our meeting, you will complete a questionnaire that identifies your assets, liabilities, and intended beneficiaries. We will review your responses during our initial no-obligation consultation. At the end of the consultation, we will tell you the cost of your estate plan. If you decide to retain us, you will sign a retention letter and pay half of the cost upfront. Once the estate plan documents are complete, we will meet with you again and collect the remainder of the fee. The entire process can take as little as a couple weeks.

What is a Minor Power of Attorney?

A Minor Power of Attorney is a document that allows a short-term caretaker to make decisions on a minor child’s behalf. Parents often sign Minor Powers of Attorney if the parents are traveling without the child or during short-term crises. Minor Powers of Attorney often permit the caretaker to seek medical attention on the child’s behalf or to communicate with the child’s school. A parent can limit the powers they give to the caretaker.

What is mediation?

Mediation is a process that tries to bring competing interests closer together. The mediator serves as the “neutral” and works with all sides of an issue to facilitate discussion and find common ground. The goal of mediation is to find a solution agreeable to all parties. Even if a solution is not reached, mediation can be a helpful process to better understand the core issues of a dispute and the strength of each party’s position.

is mediation only used when a lawsuit has been filed?

No. Mediation can be very helpful before a lawsuit is filed to better determine the strength of a potential claim and whether it makes sense to pursue it in court. Litigation is an expensive proposition. Oftentimes, the assets or amount in controversy do not justify the cost of legal spend. Mediation can be an effective and efficient option to resolve disputes.

how long does mediation take?

We offer full and half day mediation sessions and both in-person and remote options. The type of matter, amount in dispute, and preference of the parties dictate which type of mediation style and format may be most useful.

HOW MUCH DOES MEDIATION COST?

Half-day sessions start at $1300. Full-day sessions start at $2500. This does not include time spent reviewing materials, which is generally billed by the hour, the cost of which depends on the volume of materials submitted for review.

Why should i hire heritage law as a mediator?

We are former litigators and handled hundreds of disputed matters all over the country. We have participated in countless mediation sessions and know what it takes to be a good mediator: respect for the parties, the ability to listen, a dose of patience, and a willingness to be tactfully direct.

Grandfather and Grandson in a field - Heritage Law LLP of Kansas City