No matter how you look at it, death is a costly thing. The funeral costs are not the only thing your estate has to worry about. Even though it cost you money to make an estate plan and maintain it, without one the estate would be a lot more costly for your loved ones. To minimize legal fees in the future, utilize some of these money-saving estate planning tips:
Make an Excellent Estate Plan
Your legal fees are only low when you have a superior estate plan. Meet with an estate planning attorney and discuss your estate and make sure your documents and plans are ironclad. This will prevent any costly debates in court later due to inaccurate documents.
Maintain the Plan
When you create a plan, you do not see the future. Therefore, as things change in the future you need to adjust your estate plan accordingly. Contact your estate planning attorney every year or after a life-changing event and make sure your estate plan represents those changes. Even if you have not had any changes, you should still maintain and review your plan every one to two years to make sure it is still accurate.
Have a Plan for Debts
During estate planning you should lay out the specifics in regards to your debt. Make sure you have a plan for who will pay what debts and what assets will be used to take care of them. This will avoid any courtroom battles brought on by creditors when they want a piece of your estate for unpaid debts.
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