Unplanned Legacy Cost
The Hidden Cost of Not Having an Estate Plan
As an attorney, I frequently meet with individuals and families who come to my office seeking guidance on estate planning. Often, they say things like, “I need a will” or “I need a trust.” But after the consultation—or even before—it’s not uncommon for clients to be shocked by the price of a well-crafted estate plan. Some might even respond with, “I can do my will online,” or, “It’s just paperwork, why does it cost so much?”
However, a comprehensive estate plan requires more than just filling out forms. It involves careful attention to detail and thoughtful consideration to ensure that the plan will hold up in court if challenged. More importantly, a properly executed estate plan can save your family both time and money. Let’s take a closer look at the hidden costs of not having an estate plan.
How an Estate Plan Saves Time
A well-crafted estate plan can save your family considerable time, stress, and frustration. How? Simply put, an experienced estate planning attorney can create a plan that helps your loved ones avoid the lengthy probate process.
What is probate? Probate is the legal process of settling a deceased person’s estate and distributing their assets to beneficiaries. In Florida, there are two types of probate: Formal and Summary Administration. On average, probate can take up to twelve months, and if contested, even longer. However, there are strategies and tools, such as a Lady Bird Deed or a Revocable Living Trust, that can help families avoid probate altogether.
How an Estate Plan Saves Money
A well-crafted estate plan can also save your family a significant amount of money. Probate is not only time-consuming, but it’s also expensive. In Florida, the average home value is around $400,000, and probate fees can amount to roughly $24,600. Having an estate plan in place will generally be much more cost-effective, sparing your loved ones from these additional expenses.
Avoiding the Cost of Invalid Estate Plans
Another hidden cost of not having a professional estate plan is the risk of creating an invalid one. When clients attempt to do their own estate planning—whether through online services or DIY templates—the documents often fail to meet legal standards, rendering them unenforceable in court. This can defeat your intentions and leave your loved ones with a plan that not only doesn’t work but might also create more complications down the road.
Essential Documents Every Estate Plan Should Include
A thorough estate plan typically includes other vital documents such as:
Power of Attorney: Appoints someone to handle your financial matters if you become incapacitated.
Living Will Declaration: Specifies your wishes regarding medical treatment in end-of-life situations.
Healthcare Directive: Ensures your healthcare preferences are respected if you’re unable to communicate them yourself.
These documents protect both you and your family, providing clarity in difficult situations and saving your loved ones from unnecessary stress and confusion.
If you’d like to discuss setting up your estate plan, feel free to contact me at 772-410-8683 or jessica.hooper.esq@gmail.com.
Thank you for reading!
Jessica Hooper, Esq.