One reason that many people avoid or delay starting their estate plans is that they believe that it’s too expensive. Some people may also believe they don’t have enough assets to worry about protecting or they may have no heirs or beneficiaries to speak of.
Estate planning, however, is truly affordable and it is for everyone. Whether you’re single and young or growing old with a large family, you need an estate plan to protect you and those around you. Your estate plan ensures that your wishes are carried out and that you provide guidance and support to your family and loved ones after you pass away.
Estate planning is affordable
Estate planning is extremely affordable, which is why it’s good to start now. If you build your estate plan over time, you’ll find that you can also spread out the costs associated with planning for your future.
Many attorneys will help you with your estate plan for a lump-sum rate that you can negotiate with them upfront. If you are offered a price that you think is too high, ask around. You may find that a local attorney you want to work with is willing to negotiate a reasonable rate for you.
Another option is to work through your estate plan piece by piece. Some attorneys offer each service separately, so you can add a health care proxy for one price or complete a will for another. If you’re short on cash but want to start your estate plan, consider beginning with your will, paying for that, and then adding on to your estate plan as you can afford to.
Should you opt for a do-it-yourself approach?
Estate planning is tricky, and you need to make sure your estate plan falls within the bounds of state laws. If you make mistakes, they could result in confusion, controversy, disputes, unnecessary probate or even contentious litigation that ultimately is more costly than if you had worked with your preferred estate planning attorney. If you do choose a DIY kit or site, make sure you have an estate planning attorney review those documents to make corrections and verify the documents achieve your wishes and goals.