Estate plans are an essential piece of the financial planning puzzle, but here's a question people will struggle with: How much should you pay for one?
Here's the answer: "It depends on what you're looking for."
The problem that middle-class investors run into is that there's no real way to benchmark estate planning fees — which can include either hourly rates for an attorney or a fee for "package" of core estate planning paperwork.
Those expenses can add up depending on how complex your case is: Say, if you need to purchase life insurance to fund a trust or you need to hire a trust administrator, you can expect to pay more.
"A lot of people do one of two things: They go for the cheapest price," said Stacy Singer, regional trust and advisory practice executive at Northern Trust.
"Also, often instead of making sure that the professional is qualified, they go with a recommendation from a friend," she said.
Here's the due diligence you'll need to undertake before you settle on the professional who'll handle your last will and testament.