For many, estate planning is something they want to put off until they are older. However, if you want to ensure that your estate is taken care of, it's important to consider estate planning sooner rather than later. Estate plans are also something you need if you have dependents. Coming up with an estate plan can be simple or complex, depending on your assets and needs. Here's what you should know about estate planning.
When To Start Planning
While most people do not enjoy thinking about their deaths, it's inevitable. Knowing when to start planning your estate is crucial, even if the process makes you uncomfortable. Having an estate plan is a must if you are an adult, even if you haven't accumulated many assets. As you get older, the need for estate planning will grow more urgent. Once you have children or get married, you will want to adjust your plans for your estate. Estate planning is also crucial if you are a senior or have a chronic or quickly progressing illness. The sooner you start estate planning, the better.
It Doesn't Have To Be Complicated
While estate planning may sound complicated, it doesn't have to be. An estate plan can contain your will, set up trusts, determine power of attorney, set up beneficiaries, and set up health care directives. If you are struggling with estate planning, hiring a lawyer or a professional with experience in estate planning law can be helpful. You don't have to tackle estate planning on your own since there are many professionals who are skilled at creating estate plans. There are even online programs and resources that can help you with your estate planning needs.
How Much An Estate Plan Costs
How much estate planning costs will depend mainly on the complexity of the estate plan. If you use a lawyer specializing in estate planning law to draft your estate plan, they may either charge a flat fee for their services or an hourly fee. You may only pay a couple hundred dollars for an attorney to draft your will or power of attorney. However, for complex estate plans, you can expect to pay $250 to $350 per hour for an estate planning lawyer's services.
Estate planning is a must, and there are a few things to know. First, if you are an adult, you should have an estate plan even if you don't have many assets. Second, estate planning doesn't have to be complicated, and there are many resources that can help. Finally, knowing how much estate planning costs can be helpful. Keep these tips in mind when looking for an estate planning attorney near you.