The simple answer? Yes. An estate plan technically is not required of any individual, but it’s something that our estate planning law firm highly recommends everyone invest in.
Why? No matter what age you are, you’re likely going to have assets that will need to be taken care of whenever you pass away—including digital assets you may not have even considered. If you don’t have an estate plan, this can cause complications for any of your remaining family members, and worse yet—your end-of-life wishes may not be appropriately satisfied.
Today, we’re going to talk about why you really should consider an estate plan, the benefits, the costs, as well as many previous articles on our blog where you can learn more.
What Are the Benefits of an Estate Plan?
While you likely already know that an estate plan is a collection of documents that outlines your wishes for after you’re gone, it’s also much more. The plan covers all of your personal property—your “estate”—and discusses what should happen with everything in the event of your death. A typical estate plan can include various “instruments,” such as your last will, power of attorney designations, trusts, and more. At the very least, you need to have a last will in place.
So, what are the benefits? Well, there are quite a few! Here are some examples that we like to discuss further with our clients:
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- Less Stress for Family: When you have an after-life estate plan, your spouse, children, and other family will be cared for. Plus, they won’t have to worry as much about funeral expenses.
- Lower Expenses and Taxes: With proper planning and working with an estate planning law firm, you can actually reduce or eliminate some extra expenses and death taxes that can come up.
- Protect Your Assets: This goes without saying, but an estate plan will help support and preserve any assets or legacies you want to continue.
Are There Any Costs I Need to Worry About?
Despite popular beliefs, estate planning is not just for the very rich, but there are fees associated with it. Typically, you’ll see attorney fees and prices that range from a few hundred dollars to up to $1,500. Of course, these prices will vary depending on the complexity of the estate and any other number of factors. But you also need to know how your lawyer will expect to be paid.
On average, you’ll see that most estate planning attorneys will either charge you a flat fee or on an hourly rate basis. Understanding what you are comfortable with is essential when you’re looking for an estate planning law firm, so make sure you ask all of the right questions before you start!
Where Can I Get More Information on Estate Planning?
At May, May & Zimmerman, we have an extensive list of resources available to you regarding estate planning. From Pennsylvania tax laws to planning basics, we’ve got you covered. Here’s a list of some of the resources you can find here on our website:
- Your Complete Guide to Estate Planning
- Estate Planning Considerations for Your Digital Assets
- Tips for Crafting Your Last Will & Testament in Pennsylvania
- Advance Directives and Living Wills: What’s the Difference?
- Are Trusts Right for Me?
Do You Still Have Questions and Need an Estate Planning Law Firm Right Here in Lancaster County? We’re Here for You!
If you are ready to draft up your estate plan documents but are perhaps feeling overwhelmed, our estate planning law firm would love to guide you through the process. Here at May, May & Zimmerman, we have been helping Lancaster County, PA families plan to handle their estates for generations. Contact us today to learn more!
This blog is being published for educational purposes only as well as to provide general information and a basic understanding of the law, not to provide specific legal advice. By entering this site you understand that there is no attorney client relationship between you and the publisher. This site should never be used as a substitute for competent legal advice from a licensed professional attorney in your state.
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