Often people hear the term “estate planning” and assume that it is for the rich and famous. The fact of the matter is, estate planning is not just for the rich and famous, it is for anyone with an asset to his or her name. Here we will discuss some of the vitally important facts about estate planning so that you can determine whether or not estate planning is right for you.
Anyone with an asset (including a retirement account) should use an estate planning attorney at some point in his or her life. Anyone who has children should also consider estate planning to ensure that, upon the parent or guardian’s death, the children will be taken care of.
No matter the size of the estate, a person needs to start planning it out. A person without any estate planning will have to go through probate, which means the courts will determine who pays debts, who gets assets and who will serve as the guardian of children under the age of eighteen.
The cost for estate planning varies depending on the complexity of the case. Relatively simple estates will pay less than more complicated estates. Complicated estates will have to create detailed lists for assets, heirs and distributions, which takes time.