Understanding estate plan expenses

While no one wants to think about it, a fatal accident can occur at any time. To make sure that loved ones are protected, it is important to have an estate plan in place. Yet, many times, people in Oklahoma put this off because of the costs involved. Understanding the expenses associated with estate planning and taking proactive steps can help people overcome this hurdle.

One way to cut costs down is to make the important decisions up front. This requires people to sit down, look at their financial situation and examine their future needs. They should also write down how they want their assets to be split between heirs, who should be the executors of their estate and who should be appointed to make decisions if they become medically or mentally unable to. If there are minor children, a person should be chosen to take on the role of legal guardian in the event that both parents pass away.

Part of the expense of an estate plan is the cost of setting up a valid will, trust or powers of attorney. Therefore, people should do their research before choosing an attorney to work with. They should look for an attorney who they are comfortable with and who has the experience needed to help them with their specific situation. In addition, it is important to look at the fee scale used by the attorney to make sure that it is the most economical choice.

By taking the time to prepare beforehand, it is possible for every person to put together an estate plan in place. If people have questions or concerns, they may find it helpful to talk with an experienced attorney.

Source: TIME, “5 Ways to Save on Estate Planning Costs,” Tracy Craig, Oct. 13, 2015

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