I was recently involved in a car accident. Unfortunately, since it was my first accident, I was scatter-brained and anxious. What I did not realize at the time was that the actions you take immediately after the accident can affect a personal injury case and the outcome of that case. I wanted to find a way to share my experiences and mistakes with other. Since the Internet is so popular, I figured this would be a great way to do so. While you likely aren't planning on being in an accident soon, if you are, hopefully you remember some of the tips I share on this website.
Making a will, buying life insurance and otherwise making plans for what will happen when you pass away is smart at any age. However, it can also be expensive, which is one reason why many people put it off longer than they should. Luckily, there are ways that you can cut costs. These are a few ways that you can handle your estate planning without spending quite as much money.
1. Write Down Your Plans Before Your Meeting
Many estate planning attorneys charge for their services by the hour, which means that the more time that you spend in the office, the more you will spend in lawyer's fees. It's often not a good idea to write up your own will, but you can jot down a rough draft. Making tough decisions about who will get what can take time, and it isn't something that you'll want to do in the attorney's office. Instead, write down your plans before your meeting with your lawyer; this can give you more time to determine what you want and can save you a lot of money in lawyer's fees. Plus, it can be more comfortable to make these kinds of hard decisions on your own time.
2. Handle the Legwork Yourself
There is often a lot of legwork involved in estate planning, such as gathering up documents for your home and your other assets. Your attorney and his or her paralegal team can handle some of this for you, but this can cost you a lot of money. Looking for these documents in your home, picking them up from the courthouse or having them sent to your attorney's office can save you a lot of cash.
3. Choose Lower Life Insurance Coverage Amounts
When buying life insurance coverage, it can be tempting to go ahead and spring for a policy with a higher coverage amount. After all, you probably want to do what you can to leave money to your loved ones when you pass away. However, the more coverage that you have, the higher your premiums will be in many cases. Consider cutting coverage amounts a little bit to keep costs a bit more reasonable. Then, if your budget allows, you can always buy an additional policy later.
As you can see, there are ways that you can reduce the cost of estate planning. Give these three tips a try, and you'll find that estate planning can be much more affordable than you probably thought it would be.