While a lot of people take the time to create an estate plan, rarely do they consider all of the expenses associated with settling their estate. To help prevent expenses that reduce your loved ones’ inheritances, consider these tips for avoiding excess legal fees after your death.
Tip #1 – Create an Estate Plan
An estate plan saves your loved ones significantly on after death expenses. It can reduce the amount of probate issues, contests and guardianship payments your estate faces. Without an estate plan in place, the courts will have to make decisions regarding your estate, which will cost your loved ones and your estate greatly.
Don’t waste time with a DIY estate plan. These cost-effective plans rarely address all of the complex issues that come with a normal estate. Also, they can have huge gaps that require additional time in probate, which will cost your family more than it would have to just create the estate plan right the first time.
Tip #2 – Create a Debt Plan
Your estate is likely to have debts. If you don’t have a plan on how they are supposed to be paid, the courts can sell your assets in order to pay them off. A debt plan should address all of your debts after death including:
- Funeral and burial costs
- Credit cards and lines of credit
- Business loans
- Personal loans
- Car loans
The best way to avoid excess legal fees upon your death is to meet with an estate planning attorney. An estate planning attorney can help you assess your estate and make sure you have a plan in place that costs the least amount of money for your loved ones.