There is no good reason to put off estate planning. An estate plan dictates what will happen to you and your possessions after you have died. Without such a plan, state law will dictate where your assets will go. Distribution under state law will likely not yield the result that many people intended. Moreover, when distributed this way, many of a person’s assets may never reach their beneficiaries due to court costs and potential taxes.
One common reason people avoid estate planning is because they believe that it will be expensive. As a recent article points out, however, wills can be very inexpensive. According to Country Financial Agent Joe Buhrmann, “Simple wills can cost as little as $10 online, or perhaps $150 from a local professional. If cost is an issue, you may be able to get low-cost help through a legal aid group or student-run clinic.”
After you have your will drafted, be sure to revisit it every few years, or after a life-changing event such as the birth or death of a family member. Often estate planning attorneys will charge minimal fees to go over a will and look for any necessary updates.
Whatever the cost, drafting a valid estate plan now will often save your heirs money, time, and frustration after your death.