It’s unfortunate, but some people shy away from estate planning because of the cost. They believe it will cost an arm and a leg to create a comprehensive estate plan that works for them, their loved ones, and their assets.
However, the notion of “expensive” varies from person to person, so it’s important to delve deeper into the topic and gain a clearer understanding of the costs involved before making any assumptions. What you are likely to discover is that the cost of planning is much less than the cost of failing to plan.
Let’s explore some of the factors that can influence the cost of your estate plan:
- DIY vs. hiring an estate planning attorney: Opting for a do-it-yourself approach may seem cost-effective, but it comes with its own risks. DIY estate planning requires you to take full responsibility for all aspects of your plan, which increases the chances of errors and oversights. On the other hand, working with an experienced estate planning attorney provides the expertise and guidance necessary to create a solid plan tailored to your unique needs.
- Complexity of your estate plan: The complexity of your estate plan directly impacts the cost. Creating a basic will is generally less expensive than establishing a complex living trust or implementing advanced strategies for asset protection or tax planning. Once you have a clear understanding of what you want your estate plan to include, consulting with an attorney will help you better assess the associated costs.
- Attorney fees: When choosing an estate planning attorney, it’s crucial to consider both their experience and the cost of their services. While expertise and knowledge are important, you also need to be comfortable with the fees charged by the attorney. This can be a flat fee or an hourly rate, so make sure you have a transparent discussion about the costs upfront. Obtaining a written agreement will ensure there are no surprises or disagreements regarding fees down the road.
By addressing these factors and having open conversations about costs, you can gain a clearer perspective on the expenses associated with estate planning. Remember, investing in a well-crafted estate plan can provide invaluable protection and peace of mind for you and your loved ones.
If you have any questions or concerns about the costs involved in estate planning, reach out to our law firm at 520.529.4000 or info@kinghornlaw.com. We’re here to provide you with the information and guidance you need to make informed decisions about your estate plan.
