As someone who has a family and who works in a lucrative field, it’s important that you take a look at your life and what you want to do to protect your assets, your family and yourself in the future. Estate planning is a great way to take control over the unknown future and to make sure that you have steps in place to take care of those you love or yourself when you’re unable to care for yourself or suddenly pass away.
Estate planning is something some people avoid because they believe that it will be expensive. The truth is that estate planning can be costly, but it doesn’t have to be. In fact, your basic estate plan may be more affordable than you thought.
Costs associated with estate planning
Estate planning isn’t as costly as you may have imagined. You will need to consider a few possible expenses, such as your attorney’s hourly or fixed rate, contingency fees and court filing costs. Basic wills might be available for as little as $150 to $200, but more complex documents might cost $300 or more per hour. This is why it’s important to talk to your attorney about their fee structure and to make sure they’re aware of your budget.
Minimizing estate planning costs
It’s possible to minimize the cost of setting up an estate plan. Choosing an attorney who has a fee structure you understand, discussing money up front and getting a contract can all make sure you pay only as much as you agree to.
Remember that not having an estate plan is going to be more costly than putting one together. If you die without a will or don’t have an estate plan in place when you fall ill, your family may have to spend time in court, such as in probate, where they will spend much more money trying to sort out the estate, guardianship or other arrangements.
Start with your estate plan as soon as you can. Even if you can only add the bare minimum now, you can always add further legal protections later. That way, you can space out the cost of your estate plan over time.