The "Real" Costs of Planning vs. Not Planning

We often take calls from potential clients asking, "How much will this cost?" At that very early point in the relationship, such a question is impossible to answer. We don't know the circumstances, we don't know what will be involved, we don't even know if we can help. To ask us the cost of an estate plan is like telling the doctor you have a stomach ache and asking if it is cancer. Some additional information is required.

But, unlike most areas of your life, Estate Planning has both monetary costs and personal costs. Costs to you and costs to your family. So what are the "real" costs?

When considering estate planning, you must look at the whole picture. don't ask "how much is this going to cost to set up?" Rather, ask "how much will it cost to set this up, keep it current over my lifetime, and settle my estate after my death? The "perfect" plan you set up this year may require some tweaking over time.

Then there is the personal cost to your family. If your plan is not comprehensive, this can be the biggest cost of all. Everyone says, "my family will all get along and there will be no arguing after my death." experience tells us that point of view is unrealistic.

Don't ask "how much is this going to cost me today?" . . . Ask "how much is this going to cost now, how much will it cost to maintain for the rest of my life, and how much will it cost my family after I'm gone?"