How do I minimize the cost of estate planning?
Many lawyers charge fees on an hourly basis. If this is the fee structure of your lawyer, it would be good if you invest some time in locating the documents relevant to your plan and formulating your wishes in writing. This will help you reduce the time spent with your legal advisor and lower the final cost. It will also help where your lawyer charges a fixed fee since the lawyer will be immediately aware of what exactly needs to be done.
Isn’t estate planning just for old people?
Estate planning is for anyone who owns property and assets in the form of cash and/or securities. With today’s hectic lifestyle affecting people’s physical health and longevity, there is no guarantee that nothing will happen to you till you feel you are old enough to plan your estate. Thus, it is best not to delay estate planning.
Why should I go through all the hassle of estate planning and writing a Will?
Through estate planning, you not only save on costs related to a probate or lawsuits, but also achieve peace of mind. While probate can be time consuming and expensive, lawsuits challenging the claims made by your loved ones may also prove to be traumatic. With your clear and concise estate plan, your loved ones can get what you have bequeathed to them more quickly and with minimal legal hassles.
Why do I need so many documents while planning for my estate? Isn’t a Will enough?
Although a Will is the most critical part of an estate plan, other estate planning tools, such as life insurance, trusts, gifts and joint ownership, can help you transfer your property to your loved ones rapidly and at a lower cost.