What if we told you that the cost of not having an estate plan is higher than the cost of having one?
It sounds crazy but it is true. The reason we can say that is because we have seen countless families lose tens of thousands of dollars to probate due to not having an estate plan in place.
One of the top reasons why people do not have an estate plan is due to cost. Many people believe that it’s just too expensive.
While estate planning is a financial investment, it will always pay your family back in time and money. Today, we are breaking down some money myths about estate planning so that you can be informed and make a plan with confidence.
Myth #1: “Estate Planning Is Only for the Wealthy”
Many people assume you only need a plan if you have millions in assets. In reality, anyone with property, children, or even basic healthcare wishes benefits from planning.
That being said, not all plans are created equal which is good news! Your season of life, budget, assets, and priorities largely inform the plan that works best for you. Which means that there is a plan for every budget.
Even if you are not a multi-millionaire, if you own a home, it is more than worthwhile to protect that asset and get an estate plan in place.
Myth #2: “It’s Too Expensive to Even Start”
People often imagine estate planning to be way outside what they can afford. The truth is, the cost of a plan varies based on complexity. We have plans that cover typical estate planning products at different levels as well as a menu of standalone services to help you get started.
While estate planning is an investment, it is a responsible financial decision, and provides protection for your family for less than what most people would spend on a family vacation.
Having something in place is better than nothing, and there will always be time to update your plan as your season of life changes!
Myth #3: “DIY Online Forms Are Just as Good — and Cheaper”
While this is a tempting option, we would urge you to beware of DIY online plans. Although they seem inexpensive, they can end up costing far more if the documents aren’t legally enforceable in your state or don’t cover unique family situations.
A quality estate planning attorney will tailor documents to your needs and ensure compliance with the law — potentially saving tens of thousands in probate.
Trust us when we say that estate planning is not something you want to take a risk with.
Myth #4: “Updating My Plan Will Cost a Fortune”
But what happens when we have another baby? Or when we buy a new home? How much will it cost to update our plan? These are good questions that often delay people getting started because they think updates will be costly. However, updating a will or trust is usually much less expensive than creating the plan from scratch, and our clients are often amazed by how easy it is once they have a plan created.
Because we know that life moves fast, we offer a client support program subscription that gives you the opportunity to update your estate plan as your life changes. With other firms, you may be looking at hourly rates and add-on fees to accomplish the changes you want to make.
Myth #5: “It’s Cheaper to Do Nothing”
While this one might not be vocalized as much, you might have thought it. What would happen if I just didn’t make a plan? Unfortunately, the answer to that question is a very unpleasant reality for your family.
Skipping planning seems “free,” but dying without a plan can trigger probate, court fees, and family disputes. Probate alone can consume 3–8% of the estate value — far exceeding the cost of even a very comprehensive estate plan. In Tennessee, probate typically costs a family $15,000 out of their own pockets just to gain access to a loved one’s estate.
Creating an estate plan is one of the greatest gifts that you can give your family. While you might not be around to see it, it is one last act of care that you can give, and it will spare your loved ones from the burden of going through probate while grieving.
“At first we were not sure of the costs, but realizing all the documents they provided and the work the financial team needs to transfer items in the trusts, it’s worth the price. Tennessee is a probate state, and now I have a peace of mind that my estate is in good hands.” -Trish
If you are ready to take your first step to creating your estate plan click here to schedule a free discovery call with someone on our client services team. We are standing by, ready to support you every step of the way.
