Setting up an estate plan is a crucial step in preparing for the end of your life, but many people wonder about the cost of estate planning in Georgia and whether it's worth the expense. Review the general costs of estate planning below, then learn how this process may actually save you money.
Expenses Involved in Estate Planning
Many factors impact the total cost of creating an estate plan, including the following.
Hiring an estate planning attorney to help you create your plan is a necessary expense to ensure that it fully addresses your needs and goals.
Your attorney will sit down with you and ask you questions to better understand your financial and medical situation, and your goals. Then, they will create a customized estate plan that may include wills, trusts, powers of attorney, and other legal documents that require careful language and legal knowledge to properly execute.
Without an attorney's help, you risk your estate plan not holding up in court when the time comes, creating more stress and headache for your family members. Worse, you risk your plan not meeting your wishes — your property may go to the wrong beneficiaries, for example.
Some law firms charge by the hour, while others set a fixed price for estate planning services. Your attorney should give you an exact quote after obtaining information about the specifics of your desired plan.
Hiring an appraiser where needed to evaluate your major assets can help you fill out your inventory and appraisal sheet as part of your estate plan. Your estate executor may need to report the value of all your assets after your death. Even if their value changes between now and then, listing these assets now can save your executor time during probate.
You may also benefit from appraising your assets as you determine how to divide them among your beneficiaries. Many people like assigning specific assets to certain family members while making sure that the approximate value of each gift is the same.
How Can an Estate Plan Save You Money?
You can think of the cost of estate planning in Georgia as an investment that will save you and your family money down the road. You can save money through your estate plan by:
- Avoiding estate and inheritance taxes
- Helping your family members avoid the time delays and costs associated with probate
- Organizing your complex financial situation
- Ensuring your wishes are known and will be followed
- Avoiding costs associated with costly guardianship or conservatorship proceedings if you are incapacitated and had not done any estate planning for yourself
Call an Experienced Estate Planning Attorney Today
A will, trust, healthcare directive and power of attorney documents can help your family in the event of your incapacitation or your passing. Choosing the right estate planning attorney can ensure that you use your money wisely and obtain a well prepared plan ready to meet your current and future needs. Call Peach State Wills & Trusts today at 678-730-2079 to schedule an appointment, then check out our free estate planning guide.