Estate Planning With Nirva

How Much Does Estate Planning Cost In Florida?

If you’re an average adult in Florida considering estate planning, know that you have made the right decision. A vast majority of people have some estate, even if they are unaware of it. And planning your estate, even if they are not much comparably, is essential. Estate planning establishes who will get your assets and belongings after your demise or become incapacitated. So, it is no longer a question of who needs estate planning since it is for everyone. Even if you own a single estate, you still want it to pass on to your loved ones. Therefore, if you’re ready to plan your estate, there are various things to keep in mind. One of the most critical parts of this process is “how much does estate planning cost in Florida?”.

Undoubtedly, the cost is the first thing we all look for whenever we seek a good or service, and estate planning is no exception. However, besides cost, you must be aware of other parts of estate planning, like what it involves and how to create the right one. So, if you want to explore estate planning from its making process to cost, let this post help you with this entire journey.

What Are Things Involved In Estate Planning?

While planning your estate includes everything you possess or own, it is better to get a clear idea of the things involved in the entire process. Estate planning consists of a trust, will, insurance policies, and more, which help manage and transfer your estate after your demise.

Other than that, there are various parts and types of estate planning, which we’ll discuss as we move on. Nonetheless, you must be aware of all your assets and belongings. You can get over this by reviewing everything you own comprehensively. As your estate consists of all your properties and possessions, here are some common things you need to take into your consideration:

  • Bank accounts
  • Cash
  • Houses
  • Savings
  • Jewelry
  • Clothes
  • Retirement accounts
  • Investments
  • Land, etc.

So, as you now know the things that made up your estate, let’s move on to the next part of different types of estate planning.

Types Of Estate Planning And Their Importance

When someone plans their estate, they must go through various parts of estate planning. All these parts are must-haves for your estate plan, and you must check out the following to get familiar with them:

  • Trust/Will
  • DOA (Durable Power Of Attorney)
  • Letter of intent
  • Guardianship designations
  • Beneficiary designations
  • Healthcare power of attorney

Well, these are your most essential designations and documents. However, as we are talking about a full-fledged estate plan, you also need to consider purchasing insurance products like a life annuity, long-term care, and life insurance. Care insurance helps you in your old age; a lifetime annuity is your source of income until your demise. On the other hand, life insurance ensures that your beneficiaries and loved ones get the money without facing the probate process.

So, is your estate plan covering all the things we mentioned above? If not, you need to edit your checklist right now! But why do all such things matter while you plan your estate? Let’s put light on that part so you can understand its importance.

Also Read :- What Is The Purpose Of Estate Planning And Its Importance?

1. Trusts and Wills

Both trust and will sound quite crucial in estate planning, but they do look expensive as well as complicated at the same time. So, do these things sound like something only the rich can afford? Well, you need to change that thinking, as both of them are accessible to all people.

A trust or will make up the base of any estate planning, and for people who don’t have many assets to offer, still both of these documents matter. So, how does a will help? They help you ensure that your assets are distributed as per your wishes. Furthermore, trusts can sometimes even save your loved ones from legal challenges and lower estate taxes.

But one thing we cannot emphasize enough is how you word your statements in these documents. It is essential you write things as per what you want, and that’s why taking professional help to plan your estate is so important. You can consider visiting Estate Planning With Nirva to check our estate notes and packages to make things less complicated.

If you want to understand why your wording matters in estate planning, let’s consider the following example. Suppose you name your brother a beneficiary on your insurance policy or retirement account. In that case, you must ensure you don’t bequeath or hand down the same asset (s) to some other cousin of yours in the will. This can lead to a contradiction, which ends up with a will contest between your siblings or cousins. 

Other than that, a will fight can ruin the relationship between your both cousins as they end up in a legal battle.

2. Durable Power of Attorney (DOA)

Having a Durable Power of Attorney in your estate planning is something you cannot ignore if you aim to plan a well-planned estate plan. A POA (Power of Attorney) is a person or agent you assign yourself. This individual role is to act on your behalf for instances where you become incapacitated to do so yourself. 

Suppose you don’t assign anyone a power of attorney. In that case, a Florida court will be responsible for managing and distributing your asset when you can’t do it yourself. And, since a probate process will run, the court may not make the exact decisions you would have if you were capable. So, you need to be serious about this when assigning a POA.

With this document in your estate, your assigned agent has the power to review the financial transactions, transact your property, and make legal decisions on your behalf. Therefore, you must assign a person who you trust to make decisions just like you. However, one thing to note is that your POA can only make decisions when you cannot. So, suppose you’re capable of making them. In that case, you can always revoke the power of your assigned person whenever and for whatever situation.

3. Letter Of Intent

Now, in a letter of intent, you mention what happens with your particular asset after you become incapacitated or after your demise. This document is given to your assigned person or your beneficiary. Furthermore, you can add details about how you want your funeral to be and other requests you have in the letter of intent.

This document doesn’t play a significant role if we talk in terms of the law. However, suppose this letter ends up in the hands of a probate judge. In that case, you can easily clarify your intentions to them regarding where and how your assets must be distributed. This is especially important if, for some reason, you will become incapacitated.

4. Guardianship Designations

In most cases, trusts or wills consist of the guardianship designations part. Suppose you have small kids or are thinking of having them. In that case, you must choose a guardian for them, and it is imperative you don’t overlook this part. Also, the guardian you choose should be someone you trust who can actually raise your child without compromise. Furthermore, the couple or that individual must be financially well since you’ll leave your kids in their hands.

Other than that, you must not depend on a single guardian couple or person only. So, it is vital you add a contingent or backup guardian to confirm your children’s safety. Suppose you don’t assign a guardian for your kids. In that case, the court will be the one to assign your children to one of your family members. And here, it can be any family member who may not even be willing to become a guardian of your kids.

As a last resort, if no family member comes to take your kids’ responsibilities, your kids will become wards of the state.

5. Beneficiary designations

You already know that your assets can be passed down to your relatives and loved ones, even if you don’t mention the distribution process in the will. An example of such belonging is 401(k) plan assets. Therefore, if you want to plan your estate the way you want and don’t want any uncertainties, you must assign a beneficiary as well as a contingent beneficiary. Furthermore, you must assign a beneficiary for your insurance plans, as they might not be covered in your will.

Suppose you don’t assign anyone as your beneficiary, or the one you name is incapable of performing their part. In that case, the court will be responsible for distributing your funds. In this process, you cannot expect much from the court, as a judge will be unaware of your intent or situation. Furthermore, the decision they will make may not be the same as you would have made yourself.

6. Healthcare Power Of Attorney             

If we specifically talk about your health, the role of HCPA (Healthcare power of attorney) will be quite significant in your estate plan. In this, you designate a person who can make your healthcare and medical decisions for the times when you can’t take them yourself.

Your health is a significant concern; you can’t leave your health decision to someone you don’t trust completely. Choosing a trusted person is vital for this particular document, and you should pick an individual who thinks similarly. Hence, if you can’t make your own health decision in any situation, your assigned individuals will choose the course of action for you. And, this course will match your decision if you have picked the right person for the job.

Choose wisely, as they are holding the threads of your life. Also, like before, you should choose a second HCPA too if, for some reason, the first person is not able to act when needed or is unavailable.                                 

How Much Do You Need To Pay For Estate Planning In Florida? 

Now, as you’re familiar with types of estate planning, it becomes more evident what things you must have in your estate plan. As already mentioned, estate planning consists of various things, and the price of making a specific document can vary based on multiple factors. So, the next thing to look for is, “how much does estate planning cost in Florida.”

Average Cost Of A Will And Trust

The most popular estate documents are wills or trusts. If you are thinking about “how much does a will cost?” know that various factors can change its price. Whether you write your will yourself or take the help of an Attorney, the price can vary significantly based on this fact. Furthermore, there are other factors, too, like how complicated your estate is and the number of beneficiaries you’ll add. 

Another factor that can influence the price of a will is the place where you live. All in all, the average cost of a will range can range between a few hundred dollars to a few thousand dollars.                 

Now, if we talk about the cost of a trust, just like a will, its cost can vary too based on different factors. The price of having a trust depends upon if you are making it yourself, taking the help of an attorney, and how complex and the number of assets you own. 

Now, this was all about the average cost of trust and will. Based on all the factors, the average cost of making a trust comes down to $100, which can go up to thousands of dollars. However, if you want to plan your estate from start to end, you need to consider the cost of an estate planning package.                              

How Much Does Estate Planning Cost In Florida?

For a resident of Florida, the average cost of an estate planning package lies between $1000 and $4000. Also, if the estate package of your choice doesn’t consist of a living trust, the package will cost you less. Furthermore, if the estate package includes estate tax planning and trust, you’ll need to pay extra to avail of the service.                            

Some Experts Recommended Tips For Creating An Estate Plan In Florida

So, have you finally decided to take estate planning services? If yes, there are a few things that can help you greatly in planning your estate. You can successfully achieve a well-planned estate plan by keeping all the following points in mind.

  • Ask Yourself Questions About Your Estate

Before you take any step toward planning your estate, you must ask yourself one question, “what should be my legacy?” Getting an answer to this question will make things much more apparent. Furthermore, you will be able to dictate how you want things to be to your attorney or the package you buy. 

  • Select The Right Person For The Particular Position In Your Estate

When you progress toward estate planning, you’ll come face to face with many things like power of attorney, benefactors, trustees, etc. It is highly essential that for such documents, you assign a person who is capable of making ethical and rational decisions in your absence. You can choose your spouse, kid, parent, or friend for these designations. However, in no situation should you choose a person who you don’t trust or at random.

  • Provide Documentation For All Your Assets

It is crucial that you offer extensive documentation for all your assets. You need to do this to make sure that your estate plan covers all the assets you own. Having a detailed plan helps your loved ones significantly after your demise. A thorough estate plan cancels out all the probabilities for any debate which can happen after your death.

  • Don’t Hesitate To Ask Questions From Your Attorney

There is no way you can understand an estate plan at first look. It can be complicated to understand, and you will need the help of an attorney to get familiar with these terms. Therefore, don’t hesitate to ask as many questions as you like since getting answers to such questions will help you later. Furthermore, if you understand your plan, you can easily make changes by asking your Attorney.

  • It’s Never Too Early To Make An Estate Plan

You’re wrong if you think estate plans are only for adults. On the other hand, if you consider making an estate plan earlier, you’ll have lots of opportunities to make changes to it with time. Estate Planning With Nirva, estate plan packages are quite flexible. You can keep making changes to your plan as you start a family or become older. Our estate plan grows with you, and you can always depend on it whenever there are changes in your wishes.

Undoubtedly, you can make your estate documents yourself. But, it is highly recommended that you consider taking help from a professional attorney. An attorney is aware of all the complexities of estate planning. Furthermore, they can guide you on many things you can easily miss on your own.

Conclusion 

How much does estate planning cost in Florida? Now you know the answer to this question. The cost of estate planning can differ based on which document you’re making and how you plan to make it. Professional attorney assistance is always recommended since estate planning can be complicated, and you can easily get lost. Considering all the tips we mentioned for planning your estate, we’re sure you will succeed.

Let  Estate  Planning  with  Nirva help  you  achieve  your  wishes  with  our  affordable  and  comprehensive  estate plan packages.  From a living will to power of attorney, you can get the best out of the estate plan by signing up for a free trial of our estate packages.  If you have questions regarding our estate packages,  contact us at 844-995-8155 to solve all your queries. You can also drop your queries on our email using  info@estateplanningwithnirva.com.

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