Reducing Estate Planning Costs

July 31, 2022-Estate planning doesn’t have to be an expensive affair. Disagreements and lack of cooperation, not being able to find documents, and not knowing what you have or need can drive up the cost of estate planning. Below are some general tips on ways to reduce estate planning costs.

Storage– Important papers should be stored in a fireproof and flood proof safe; and you can have copies that state where the original documents are located. When originals of certain documents cannot be located, it can complicate certain legal procedures, which in turn increases legal fees.

Blended Families– While families that are not blended can have their fair share of drama, imagine the drama that arises from blended families. For example, imagine a blended family where one spouse passes away and the children of the deceased spouse believe that the surviving spouse is wrongfully withholding items they believe they should be inheriting. An estate plan should be very clear to all parties involved. In addition to a written plan, a video may also help to minimize any ambiguities, as ambiguities may lead to confusion, and confusion leads to a possibility of increased legal fees.

Living Will & Designation of Health Care Surrogate– During medical pre-procedure prep, one of the forms that people are often asked to sign is a living will and/or a designation of health care surrogate. If you have the paperwork that you signed from a medical procedure, review them to see if you have the living will, designation of health care surrogate form, or both. If you will be having a medical procedure, these forms may be a part of the documentation you will be asked to sign before the procedure. Why pay an attorney for a document you may already have or perhaps receive if you’ll be having a medical procedure?

If you have questions regarding estate planning, you should consult an attorney.  Please note the above post is not legal representation and does not create an attorney-client relationship.