In Part I, we discussed estate planning and the importance of having an estate plan. This issue will focus on the first of four estate planning tools – a Will or Last Will and Testament, and the advantages and disadvantages of having a Will.
I was chatting with a friend the other day about estate planning and he told me something surprising. When I asked if he had an estate plan, he responded by telling me that he doesn’t have one yet because all the attorneys he met with quoted high fees.
Here are some things to consider if you shop around based on fees alone:
Have you ever thought about writing your own will? Maybe you thought about using one of those fill-in-the-blank forms advertised on TV? Estate planning is too complicated a process to do it yourself or to use a fill-in-the-blank form. There are too many areas where things can go wrong:
Did you know that approximately 60% of American adults do not have a written estate plan? Estate planning is extremely important, but most adults do not fully understand what estate planning is and how it works. Adults also do not fully understand that without an estate plan, a judge, who does not know you, your family, or your wishes, will determine who gets your assets and who will care for your minor children.
An estate plan allows you to get your affairs in order in the event you become incapacitated or die. A Will, which is the most basic estate planning tool, contains a written set of instructions to your loved ones as to how you want your estate to be distributed after your death. So, what happens … Read more
Every adult should have a last will and testament regardless of your age. During your lifetime, you most likely will accumulate more than you ever expected, and that is why a will is essential so that you can direct the disposal of your assets according to your wishes. When it comes to your last wishes, … Read more