It’s time for another estate planning myth busting sesh! So far, we have tackled two estate planning misconceptions, the last one was focused on the notion that estate planning is only for after the property owner is gone (again, nope!).
Today, allow me to discuss another one.
“I cannot afford my own estate planning.”
When people approach me about wanting to start their own estate plan, this is one of their most common apprehensions–that estate planning requires a whole lot of money. I am quite sure some even back-pedal on approaching me altogether, precisely because of the belief that starting an estate plan will break the bank!
Guys, let me tell you… This is totally untrue! (and while we’re at it, let me tell you too–just go ahead and chat with me, guys! I don’t bite!)
Now, here’s why this statement is nothing but an estate planning myth.
First, not all estate plans are the same.
If you heard from your next-door neighbor, from that family you go to church with, or simply just read somewhere online about estate planning costing tons–do not be talked out of it just yet! You must remember that some estate planning processes are indeed priced an awful lot (this I will not deny!), but this does not in any way mean that yours should cost the earth, too.
Remember this–estate plans are not created equal. Estate planning fees would always depend on the documents you want included, the complexities of these documents, and, of course, the mass of your properties, as well as your family dynamics. With the help of a good estate planning lawyer, you can most definitely manage the costs by discussing with her the tools you want incorporated in your plan.
You can always be open to your lawyer.
A good estate planning attorney is one who hears, accommodates, and considers the circumstances and plight of the client, so you need not worry about being honest with your lawyer about your limitations and hesitations about estate planning. Especially today where contemporary attorneys in the field manifest that this whole idea of estate planning is for anyone and everyone (nope–not exclusively for the wealthy!), whoever you choose should be willing to talk through these topics with you.
Personally, I have always been (and continue to be) flexible and responsive to the needs and budget of my clients. Heck–-some even get shocked that the installments they pay cost lower than their monthly phone bill! No hidden charges, no surprises.
My motto? Estate planning costs should never get in the way of you wanting to start estate planning. Let’s talk, and we can give and take from there!
Estate planning is an investment that gives you a bang for your buck.
Lastly, it must be said that when it comes to deciding whether or not to spend for estate planning, it really is all just a matter of choosing the better and more gainful expense. Would you rather your loved ones second-guess their way (and possibly make disadvantageous and undesired expenditures in the process!) out of a situation where you can no longer speak and decide for yourself? Would you rather allot money for costly court proceedings that may take years to finish?
My point is really just this: Estate planning does cost money, but it is something you would not regret investing in.
When you finally decide to start, your estate planning lawyer will handle much of the work: strategic and organized planning, document drafting, filing, updating, and many other tasks. Estate planning is serious business, and your estate planning lawyer is your superhero! The costs you will have to shoulder for the services will always and in all ways be worth it–no muss, no fuss on your part, as well as on the part of your family and loved ones.
Estate planning brings you and your beneficiaries protection and, most importantly, peace of mind. Now, why would you think twice about estate planning when the returns are THIS much, right?
And that’s the third from our Myth Series! I hope you enjoyed learning and unlearning some estate planning deets today, and if there’s anything you wish to ask or clarify, go ahead and just message away!
Speak to all of you again soon!
P.S. Want more estate planning awesomeness? Join us for our next Women & Estate Planning Live Webinar. It's fun, free, and informative!