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what would be a reasonable cost to set up a straight forward family trust for all documentation including new wills and transfer of a family home.
My lawyer suggested $2500, is this expensive?
what would be a reasonable cost to set up a straight forward family trust for all documentation including new wills and transfer of a family home.
My lawyer suggested $2500, is this expensive?
Why,...... have you asked what's the point?
All depends on your situation...Doesn't it??? Age?
$2,500 is not unreasonable - not the cheapest and no where near the most expensive for this work. Keep in mind that without a lot more detail of your affairs, we can only speak in ball-park figures.
Shop around, but make sure you talk to a law firm that specialises in setting up a trust properly. Paying a little more to set it up may save you some heartache later! I paid more than that but don't regret it.
went to a lawyer to ask whether we should have a trust, 45mins of talking, said up to us to make a decision, nothing new introduced in our discussion received a bill for 400. Is this reasonable? We are very unimpressed.
went to a lawyer to ask whether we should have a trust, 45mins of talking, said up to us to make a decision, nothing new introduced in our discussion received a bill for 400. Is this reasonable? We are very unimpressed.
If you were talking to a partner, that's not abnormal.
went to a lawyer to ask whether we should have a trust, 45mins of talking, said up to us to make a decision, nothing new introduced in our discussion received a bill for 400. Is this reasonable? We are very unimpressed.
It always pays to check if the initial consult is free. Often if you don't ask, you don't get .
I have heard that Partners at EY charge $1000 an hour.
That sounds about right. I left EY Auckland in 2005 and the tax partners were $600 per hour then. I currently work as a manager in another "big 4" firm in Australia... my rate is AUD$880 per hour. Partners here are AUD$1,300 per hour.
went to a lawyer to ask whether we should have a trust, 45mins of talking, said up to us to make a decision, nothing new introduced in our discussion received a bill for 400. Is this reasonable? We are very unimpressed.
A few points:
"nothing new introduced in our discussion". No experienced lawyer can assume knowledge on your part. Furthermore most people do not understand trusts, even those who have had them for years.
If the lawyer wrote to you as well then a lot more than 45 minutes was involved.
Some lawyers provide this type of advice to loyal clients for no fee or a substantial discount.
You should have been provided with a "Letter of Engagement" setting out the lawyers charges, although one-off attendances don't always have these.
You are entitled to advise the lawyer of your concerns and s/he must explain.
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