In its most basic definition, estate planning is the process of putting a plan in place for the disposition of your assets after you have passed. While it may sound simple, a well thought-out estate plan requires cooperation among multiple professionals, including tax advisors, financial professionals, and your trusted estate planning attorneys in St George, UT.
Discussing Your Estate Planning Goals
The process of planning your estate begins with an initial consultation with your attorney. During the meeting, you’ll discuss your estate planning goals and what your net worth is. Once you’re comfortable, you can schedule a follow-up meeting with your attorney or their paralegal to get more detailed information about your assets, debts, and distribution plan ideas.
Creating Your Estate Plan
Once you’ve provided all the necessary information to your attorney, we may contact your CPA, tax advisor, and/or financial advisor to ensure that the goals you’ve discussed are in line with what we talked about during the consultation. After taking these into consideration, your Utah estate planning attorney will propose one or two ideas for you to successfully execute your wishes.
At this point, it’s helpful to have an attorney who’s familiar with several financial instruments. This includes annuities, variable annuities, life insurance, mutual funds, 401(k) s, IRAs, etc. An estate planning lawyer who isn’t familiar with these may set-up estate planning documents that don’t work with your financial accounts.
At Boyack Christiansen Legal Solutions, our trusted estate planning attorneys in St George, UT understand the power of many of these financial instruments. Our Utah estate planning lawyers are life insurance licensed and holds several securities designation to be able to serve you better.
Finalizing Your Estate Plan
If the plan makes sense for you, your attorney and their staff will work to create the plan documents and schedule a time for you to come in and review them. At this time, it would be wise to take the time to review the documents, especially checking for possible spelling errors in various family names.
After checking that the documents are all in order and making sure that the necessary people are available, you may be able to sign your estate planning documents during your appointment. Note that for complex estate plans that require multiple documents, you may want to take the paperwork home and review them with family members prior to execution.
The Cost of an Estate Plan
A thorough estate planning process in which the most basic documents are used should cost at least $1500. Any less and you have not hired an attorney, nor paid for legal advice. You’ve merely hired a document drafter who is looking to turn a quick buck on a simple document.
A more complex estate plan can run into the tens of thousands of dollars depending on your goals, tax situation, and the size of your estate. On average, a good estate plan will run from $2,000 to $10,000. If you’re considering making an estate plan, contact our office today to schedule a consultation with our St George UT estate planning attorneys.