The Cost of Estate Planning

There is no good reason to put off estate planning. An estate plan dictates what will happen to you and your possessions after you have died. Without such a plan, state law will dictate where your assets will go. Distribution under state law will likely not yield the result that many people intended. Moreover, when distributed this way, many of a person’s assets may never reach their beneficiaries due to court costs and potential taxes.

One common reason people avoid estate planning is because they believe that it will be expensive. As a recent article points out, however, wills can be very inexpensive. According to Country Financial Agent Joe Buhrmann, “Simple wills can cost as little as $10 online, or perhaps $150 from a local professional. If cost is an issue, you may be able to get low-cost help through a legal aid group or student-run clinic.”

After you have your will drafted, be sure to revisit it every few years, or after a life-changing event such as the birth or death of a family member. Often estate planning attorneys will charge minimal fees to go over a will and look for any necessary updates.

Whatever the cost, drafting a valid estate plan now will often save your heirs money, time, and frustration after your death.