There are various degrees of estate planning one could take. Most people assume that a will is the only necessary option to secure your possessions, but there are other options for you to consider. A will should be completed while the person is in good health both physically and especially mentally.
If a person neglects to secure their assets with a will or trust, then the state in which they reside will most likely take matters into their own hands. This could be a devastating action to those who are your heirs and were hoping to inherit your estate to supplement their lives. If your estate is left in the hands of the courts, then a judge will be making decisions that you would be making, and a substantial portion of your estate will likely be eaten away through court costs, fees and taxes.
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While there are a variety of options for preparing your will, such as online programs, etc. the safest and most thorough route to take would be to acquire the services of an attorney to assist you. The reason this is a better option is attorneys are well-versed in the specific laws that pertain to the state in which you live.
It is not always safe to use these online versions of will preparation due to the fact that it leaves room for errors. One of the most common errors that is seen in this type of preparation is due to the varying laws that change from state to state.
Is a Will Sufficient or Do I Need a Trust?
The answer to that question is dependent upon you and your specific needs. A will takes effect upon the occasion of your death, but a trust is effective immediately and only includes the assets that you specifically designate for the trust. A will includes your entire estate. If you are considering a trust in place of a will, then it is suggested that you go with a revocable trust due to the fact that it activates upon a person’s incapacity as well as upon their death. The fees for a trust may seem high, but in reality, they are affordable compared to the costs that will be incurred for probate or possible litigation for the estate.
What Is the Expected Cost?
This is a question that is not easily answered. The reason this question is difficult to answer is due to the wide variety of situations that are different for each individual person. If you are looking for a ballpark estimate, then you could get a range somewhere between $500 to $3,000 on average.
The more you net worth is, the more you can expect to pay for legal aid in assuring that your assets are properly protected and distributed. In summary, to get an exact figure on what the cost would be to make preparations for your estate is virtually impossible. You can get a rough estimate, but to to be certain, speak with two or three estate planning attorneys.
At Titanium Asset Protection, we understand that you want to make the estate planning process as smooth and cost-effective as possible for your loved ones. Your family has enough to handle in dealing with their loss, so we will do everything in our power to help make this process less intimidating. Please contact us at (714)-827-9955 for a free consultation. A member of our team will gladly answer any questions or concerns you might have regarding the probate process.