Is It Expensive To Create A Proper Estate Plan?
The expense to create a proper estate plan depends on the components of the estate plan. A Trust-based estate plan is one of the more expensive estate plans. Estate plans with Family Limited Partnerships, LLCs and Trusts are even more expensive. Simple Will based or beneficiary designation based estate plans are less expensive. It all depends. Roughly $2,500 a garden variety Trust. Simple Will based estate plans with powers of attorney are generally about $850.
Who Should Be Involved In An Initial Estate Plan?
It could be an individual, husband and wife, significant others, partners, it doesn’t matter.
Should Someone Ever Discuss Their Estate Plan With A Potential Beneficiary?
Some do and some don’t discuss their estate plan with a potential beneficiary. It all depends upon the clients’ personal situation. Generally, most people want to discuss the situation with other family members. However, some people are reluctant to discuss their estate plan with potential beneficiaries to avoid infighting. Again, it all depends upon the parties’ personal situation.
How Do You Make an Estate Plan Official?
After the estate plan is finished a meeting is set with the client or clients to sign the estate plan documents. A client has to sign the Trust, the Will, the Powers of Attorney and Living Will to make them official.
Can I Modify My Estate Plan At Any Time?
Normally yes you can modify your estate plan at any time. Trusts are generally revocable so you can revoke them and you can amend them. If you have a Will in place that you don’t like, you can do another Will and replace the old Will. Clients can also change beneficiary designation accounts, including beneficiary deeds for homes, whenever necessary.
Are There Any Other Points That Someone Should Discuss In Their Initial Meeting With An Attorney?
At the initial meeting people should discuss their legacy with their estate planning attorney. For example; what beliefs, what attitudes or what values does the client or do the clients want to pass to their family or friends. They should also discuss a spendthrift child or spendthrift children who can’t be trusted with money. They want to discuss impending moves to another state or an impending move from another state to that state. They want to discuss any potential legal action that they might be involved in, among other things. Any issue or issues that could potentially impact the estate plan need to be discussed at the initial meeting.
For more information on Cost Of Setting Up An Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (520) 360-4292 today.
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