While you may not want to think too much about the end of your life, planning what happens to you and your estate after your death is essential. Estate planning is an excellent way to take the stress away from your loved ones and ensure your wishes are considered. An estate plan allows you to manage your assets and determine who takes over your care if you become incapacitated due to injury, illness, or age. Here are three things to know about estate planning.
What It Involves
When you think of estate planning, making a will is probably the first thing that comes to mind. While wills are a part of most estate plans, there's more to it than that. Estate planning often involves creating trusts, outlining your wishes, designating beneficiaries, creating advance directives, and more. Estate planning can come in handy for people from all walks of life, and it's not something only for the wealthy. A detailed estate plan will also keep your loved ones out of probate court and reduce confusion after your death.
When to Hire an Attorney
Estate plans are available through many professionals, but there are times when hiring an attorney to tackle your estate planning will be your best bet. If you have children or other dependents, an estate plan is essential. After your or a loved one's death, you'll want to ensure that your dependents are provided for as needed. If you have high-value assets, estate planning is also something you should strongly consider. An attorney can help guide you through the estate planning process if you fall into either one of these groups.
How Much An Estate Plan Costs
Another thing to know about estate planning is how much it will cost. The answer is, it depends. The more detailed and complex the estate plan, the more you will pay. Using an attorney will also increase your estate planning costs, but for most, the expense is well worth it for peace of mind. Your estate planning attorney may charge a flat or hourly fee depending on your needs. Your estate planning costs can range from just a few hundred dollars to thousands of dollars, depending on your needs.
For many, estate planning is crucial, and there are a few things to know. First, knowing what estate planning involves can help you determine what you need. Second, you will also want to consider whether you will require the help of an attorney when creating your estate plan. Finally, how much estate planning costs will vary depending on the complexity of your situation.Share