You and your spouse decided to buy a home because you found out that you were expecting. Now, with your new bundle of joy in your arms, you’re sitting in your home and realizing how you need to take steps to protect everything you have.
This is a good time to talk about estate planning and how it can help you. As a new parent, estate planning gives you the opportunity to discuss how you want your child to be raised and who you want to raise them if you and your spouse pass away suddenly or can no longer provide them with the care they need.
This is also a good time to look into ways to protect your assets. Using trusts and other options may help you prevent your home from falling into the hands of creditors, for example, if you pass away and owe money to them.
Most clients need at least a core estate plan. A core estate plan may include documents such as:
- A nomination of a guardian for minor children
- A durable power of attorney
- A pour-over will
- A revocable living trust
How much does it cost to set up an estate plan?
The costs associated with estate planning vary, but an average couple could expect around $3,000 in fees. Single individuals see average fees of around $2,400. Your attorney can break down the specific costs with you during a consultation so that you know how much you’ll need to spend to create the ideal estate plan for your family. Our website has more on what you need to know about estate planning and why it’s so important for families like yours.