Death is expensive. While most people are quick to consider funeral and burial costs when estimating the cost of their death, many overlook the large cost of settling one’s affairs. A recent article offers suggestions of steps you can take now to reduce the burden of these fees after your death.
- 1. Execute a Solid Estate Plan: It is important to leave your loved ones with a plan. In most situations, the cost of creating an estate plan will be much less than the cost your heirs will pay to settle your estate without one.
- 2. Revise and Manage Your Estate Plan: It is vital that, after you create your estate plan, you review it every few years, or after important life events such as births, deaths, marriages, and divorces. Most estate planning attorneys will have formal maintenance program that facilitate these updates without a large additional cost.
- 3. Set up a Revocable Living Trust: A fully funded revocable trust is a great way to avoid the need for probate after your death. If assets are simply transferred via your will, they will be required to go through the process of probate, which can cost anywhere from thousands to hundreds of thousands of dollars.
- 4. Set up a Debt Plan: Finally it is important to consider that you may die with debt. It is therefore important to have a plan for paying off your final bills after your death.
For assistance in creating a plan that limits fees after your death, contact us at (626) 696-3145.
