For many people in New York, estate planning becomes a concern when they begin to think about the future. Whether you are getting married, having children or developing new financial success, any of these milestones may cause you to think about how to protect your loved ones after you pass away. While estate planning can have significant long-term benefits, it also comes with some up-front costs.
Understanding estate plans
Understanding the costs of estate planning can help you to prepare to make a comprehensive plan for your assets, your health and your future. While making a will is part of developing an estate plan, the process can also include distributing your assets, planning for alternate non-probate transfers and creating documents like a living will or a health care power of attorney.
The costs of planning for the future can vary, depending on the size of your estate and the complexity of your needs. If you have significant assets and a diverse group of beneficiaries, your estate plan is likely to be more labor-intensive than one for people with smaller, simpler assets.
Costs vary based on your needs
While you can learn a great deal about estate planning on your own and come to some key decisions, professional guidance can be an important part of the process. Depending on the complexity of your estate plan, you may benefit from the assistance of professionals, such as financial and investment advisors and accountants.
When it comes to legal fees, costs may vary. In all cases, the cost of your estate plan is tied to its size and complexity, and having a team of knowledgable professionals can provide you with significant savings in the long term despite the initial investment.