Estate planning is not free, but it is affordable, and the benefits far outweigh the costs when you consider what could happen if you do not have an estate plan in place.
The Benefits of Estate Planning
An estate planning attorney can help you create an estate plan that:
- Minimizes the estate taxes that will be paid after your death. An attorney can structure your estate plan to minimize any taxes that your estate might have to pay.
- Ensures that your money goes where you want it to go. Whether there is a charity or specific beneficiaries that you want to leave your assets to, an estate planning lawyer can create an estate plan to ensure that your money goes where you want it to go.
- Safeguards your children. In addition to protecting your children financially, an estate plan will allow you to name a guardian for your minor children so that you decide who will raise them if you can’t do it.
- Minimizes fighting among your children or other heirs. Your estate plan creates certainty and can eliminate any dispute over who gets what or what should be done with your assets.
- Protects your family right after your death. Your estate plan can include funeral plans and funds for your funeral, so that your family does not have to make these decisions in their first few days of grieving.
There may also be other benefits to a well-designed estate planning.
The Costs of Failing to Create an Estate Plan Can Be High
If you fail to create and implement an estate plan, then the potential costs include probate expenses, guardianship or conservatorship proceedings, taxes, and other financial implications which can easily exceed the cost of creating an estate plan.
How Much Will Your Estate Plan Cost?
Every estate plan is unique. Your specific cost will depend on the attorney that you hire and the complexity of your estate. However, there should be no surprises. The Estate Planning Law Center charges a flat fee—not an hourly rate—so that you know your total cost up front.
To learn more about the benefits and costs of estate planning, please schedule a free, no-obligation consultation with an experienced lawyer to discuss your estate planning goals and the potential fees. Then, you can decide for yourself if the benefits of estate planning outweigh the expenses.