The law firm of Buxman Kwitek & Ohlsen, P.C. offers highly qualified attorneys with many years of experience in estate planning to assist you.  A good estate plan can help your family transition through a difficult period.  The plans you make today can protect your family tomorrow.

ESTATE PLANNING:  MOST FREQUENTLY ASKED QUESTIONS

WHY SHOULD I HAVE AN ESTATE PLAN?

In a word, CONTROL.  If anything ever happens to you, a good estate plan will allow you to be in control of your person and your finances, so that your affairs are managed in a manner that is satisfactory to you.

DO I NEED A SIMPLE WILL OR A LIVING TRUST?

  For most people, a Simple Will is less expensive and easier to understand than a Living Trust.  If you have property in multiple states, however, or if you need to have your finances handled in a special way, a Living Trust might be the best selection.  Every person has a unique situation that requires a customized estate plan.  Some attorneys and ill-informed financial advisors tout the Living Trust as the only way to go.  Living Trusts can be expensive to set-up and maintain.  You should only use one if you need it.

HOW MUCH DOES A WILL OR LIVING TRUST COST?

A Simple Will is actually only part of a good estate plan that should also include Powers of Attorney and Medical Declarations or a Living Will.  A single person without minor children could expect to pay between $200 and $300 for a Simple Will based estate plan.  For a couple without children, the costs would be between $400 and $500 for estates smaller than five million dollars and between $1,500 and $2,000 for estates larger than five million dollars.  An individual or a couple with minor children might expect to pay between $500 and $750 for their estate planning package.

A Living Trust based estate plan also includes Powers of Attorney and Medical Declarations or a Living Will, along with what is called a Pour Over Will.  The cost for a single person will generally range between $1,200 and $2,000.  The cost for a couple will generally range between $1,500 and $3,000.

CAN’T I JUST MAKE A WILL ONLINE OR PREPARE ONE MYSELF?

You can, but online estate plans usually charge you for each document that you prepare so there is a separate charge for each Will, Power of Attorney and Medical Declaration.  As such, the cost savings aren’t that significant.  In addition, no online service or fill-in the blank form can provide you with the customized approach that you need to address your situation.  If you do it yourself and it goes wrong, your family could pay a high price for a cheap estate plan.