Is the cost of an estate plan worth it?
Are you afraid of talking with an attorney about your estate plan because of the cost? Regardless of your age, marital status, income, or health, drafting an estate plan with an attorney who you like and trust is the only way to know that your loved ones will be taken care of they way you envision.
Unfortunately, there are many people who put off this important task because they are afraid that it will cost too much money. Sadly, the people who put off establishing an estate plan are the ones who are hurt financially in the long run.
Imagine you were to pass away tomorrow. Aside from the heart ache and grief, how would your family be affected? Would your children have the smoothest transition possible to their new home? Would your spouse be able to access all your assets to pay bills, or would they be frozen and require a court’s supervision to unfreeze them? Would you owe estate taxes (federal or state)? Would your spouse have the authority to keep your business running? Who would inherit all of your assets? You should know the answers to all of these question. Knowledge is power. Why not have power to take control of your estate?
If you do not know the answers to the questions above, then you have to weigh the costs of finding the answers. You can pay to have an estate plan drafted to your wishes. By doing so, you will be educated on what your estate consists of and the knowledge that it will pass according to your wishes. If you do not establish and estate plan, your loved ones will pay higher attorney’s fees to administer your estate, and the intestacy statues will govern who inherits your estate. Planning for your future brings clarity to your present life. It also brings peace of mind.
If you have questions regarding your estate plan, please contact Julie M. Ladimer, Esq. of Ladimer Law Office PC at (508) 620-4565 or at jladimer@ladimerlaw.com. The above article is for informational purposes only and should not be construed as legal advice. No attorney client relationship is created by reading this article. This article should not be used as a substitute for competent legal advice from a licensed attorney in your state.