Thursday, October 15, 2020
Estate planning does not always have to be expensive. There are free online services available to draft documents used for estate planning like wills, trusts, durable powers of attorney, and healthcare proxies. Although these options may be the cheaper route, it is worth your money to use an estate planning advisor.
Although the aforementioned online services may help you draft documents, without an effective estate plan, those documents are useless. Which is why it is important for you to use an estate planning advisor to help you create a plan for those documents to fit into.
There are three elements of combined by estate plans:
- learning from the past
- adapting to the present, and
- anticipating the future
Estate planning documents may adhere to the first two, but only with the help of a professional advisor can you effectively anticipate the future.
Many do not want to use an estate planning advisor due to their cost, however, without one your estate plan will likely be ineffective and possibly even useless. With the help of a professional, you can ensure that your estate plan covers all of the areas you need and will be implemented correctly.
See Matthew Erskine, Why Estate Planning Is Worth Every Cent, Forbes, September 30, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.