Obviously, no one wants to even think about the thought of going on with life without their better half. The fear and avoidance lead many people to just ignore it. Due to ignoring it, they end up never actually planning for it. The spouse alive and potential kids are the most immediate ones that are living with the impact for the aftermath.
In this episode you will learn:
- The critical importance of planning in advance no matter your age
- What steps and strategies you can take right now
- What you may need to consider as you move through life’s stages
Why get one completed?
Lessens the stress placed on loved ones after you pass when there is an organized plan and process in place. It allows them time to go through the grieving process sooner. It can also lessen the chance for family arguments and disputes leading to the turmoil that may never be recovered
Other reasons include to:
- Minimize taxes
- Avoid probate court
- Lessen potential family issues
- Who manages your estate
- Take care of minor children (under 18)
- Organ donation
- Buried or cremated
- Financial Power of Attorney
- Health Care Power of Attorney
- And more….Financial piece of course but many more components
Where and How to get a Will completed?
Either through an online service provider like LegalZoom or through an Estate Planning Attorney that specializes in this.
How to find a good estate planning attorney?
Ask your financial planner for who they recommend. They should be able to provide 1-2 people. Ask them who did their own. Ask your accountant the same. When interviewing those attornies be sure to ask them who did theirs for additional references. Many will not do their own. A good attorney should devote over 50% of their practice to estate planning. You should feel comfortable sharing personal details of your life with them. Do they communicate in a manner that you can understand. If it doesn’t feel like a good match then keep looking. They need to be well-versed in and up-to-date with the laws of your state.
How much does it cost?
Online service providers, you could spend a couple of hundred dollars per person. An attorney could costs anywhere from a couple of hundred dollars to several thousand dollars depending on the complexity and needs of your situation. Well worth the costs in the end.
Reasons people don’t plan?
- Don’t want to think or talk about the inevitability of dying.
- Too young, it won’t happen to me
- I’ll get to it later, to busy now aka procrastinating
- It costs too much without realizing the consequences and costs if you don’t pay for it now
- Questions to Ask Your Estate-Planning Attorney – Investopedia
- How to Find an Estate Planning Attorney – TheBalance
- Will and Trusts Online – LegalZoom
- The Family Estate Planning and Elder Law Guide by Stacey Harding
- What to Do When a Loved One Dies – AARP
- Surviving spouse checklist – Vanguard
Send us your questions or share your story