On August 23, 2016

How to Cut Costs When Estate Planning

How to Cut Costs When Estate Planning

Important to protecting yourself, your legacy and your family, estate planning can be an involved process. It does not, however, have to be terribly expensive – especially if you take certain steps as you get ready to dive into the process.

Revealing more about these steps, the following highlights what you can do to cut costs when developing an estate plan:

  1. Get familiar with the basics before diving in – In other words, take some time to understand what the options are and how each may serve your purposes. Some of the essential estate planning devices to become familiar with include wills, trusts and powers of attorney. With some knowledge of these basics, you can start nailing down which features you will need.
  2. Think about your wishes and needs – What are your estate planning goals? Do you want to help your loved ones avoid probate in the future? Do you have certain beneficiaries (like children) who you need to plan for? Understanding what you want from the estate planning process upfront can help you save time and money as you dive in because it can help you focus on the elements or features that will best serve your purposes.
  3. Do some research on attorneys – An effective way to reduce the costs of estate planning can be to select an experienced lawyer who can point out (and help you set up) the right features for your needs, goals, and situation. To make sure you select the right lawyer, here are some helpful tips.
  4. Ask about legal fees upfront – Once you have narrowed down some options for experienced attorneys, be sure to ask about how they charge legal fees (and whether you should expect hourly rates or a flat fee for certain services). Knowing how an attorney will charge you for devising an estate plan can help you spend your time (and money)  as wisely as possible as you move forward; it may also help you avoid hiring lawyers who are going to charge much higher fees for certain services (or representation).
  5. Be prepared to make decisions as you move forward – When you finally select an estate planning lawyer and meet with this professional to kick off the process, be sure that you are ready to be open and decisive. Be ready to discuss your finances, as well as your wishes, and be prepared to make choices regarding asset distribution, funeral and burial plans, etc. You can always update or change these plans later, but waffling on them now will only delay the process (and increase its costs); so, think about what you want and be ready to act.

Contact a Denver Estate Planning Attorney at JR Phillips & Associates, PC

When you are ready to develop, update or administer an estate plan, you can turn to the Denver estate planning attorney at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs using a variety of traditional and innovative approaches to develop the best possible solutions.

Schedule an initial consultation with one of our lawyers today to discuss your estate planning options. To set up this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Drafting Wills, Estate Planning, Trusts