What Can I Do to Minimize the Costs of Estate Planning?

A : A lawyer or other professional often charges by the hour for the amount of work put into the estate plan. Ask about fees at your first consultation and inquire about how much your total estate plan might cost. If your legal advisor charges by the hour, the more time you invest in locating relevant documents and putting your wishes in writing, the less preparatory work your advisor will have to do. This should go a long way toward reducing the final cost of your estate plan.

---

Sidebar: Information You Need to Plan Your Estate

For an individual with a sizable estate or for the person who wants to divide his or her estate among many people, it's helpful to know as much of the following information as possible. If you use a lawyer, you can save the lawyer's time and your money by having this information readily available.

- The names, addresses, and birth dates of all persons, whether or not related to you, you expect to name in your will;

- The name, address, and telephone number of the person(s) you expect to name as the executor of your will;

- If you have minor children, the names, addresses, and telephone numbers of possible guardians;

- Amount and source of your principal income and other income such as interest and dividends;

- Amount, source, and beneficiaries, if any, of your retirement benefits, including IRAs, pensions, Keogh accounts, government benefits, and profit-sharing plans;

- Amount, source, and beneficiaries, if any, of other financial assets such as bank accounts, annuities, and loans due you;

- Amount of your debts, including mortgages, installment loans, and business debts, if any;

- A list (with approximate values) of valuable property you own, including real estate, jewelry, furniture, collections, heirlooms and other assets;

- A list and description of jointly-owned property and the names of co-owners;

- Any documents that might affect your estate plan, including prenuptial agreements, marriage certificates, divorce decrees, recent tax returns, existing wills and trust documents, property deeds, and so on;

- Location of any safe deposit boxes and an inventory of the contents of each.

Copyright 1999, 2000, 2002 American Bar Association