Estate Planning FAQ and Real Estate, what do you need to know, really?
Does estate planning make you uncomfortable? You are not alone. It is a subject that no one wants to think about, yet a well planned estate saves hundreds of thousands if not millions of dollars, depending in the decisions you make, legacy you leave, and how you organize your estate. Hi, I’m Kimmy Rolph and I am a downsizing expert who handles the real estate aspect of your estate planning.
These are some of the most frequently asked questions that we get on The Main Line, when it comes to estate planning. First, what is estate planning exactly? Most simply it is the creation of legally binding documents and directives that accomplish your end-of-life wishes.
Next, what is a GREAT estate plan? A great estate plan is optimized by an expert probate and estate lawyer, and a realtor to avoid pitfalls that can unnecessarily cost your loved one’s money and heartache. Then, of course, What does an estate plan cost? An estate planning lawyer will either be paid hourly or retainer, an average rate on The Main Line PA is about $1500 and the expertise from a realtor is only paid in commissions. Beware of realtors who seek to be paid in advance. Lastly, who needs an estate plan and what documents do I need to start?
Anyone who has anything can use an estate plan. You can start an estate plan at anytime of life as well. On the Main LIne where there are complexes of trusts and assets, we see estate planning get very difficult and complex. If you are new to this, here are some basic options, you will be creating your will and/or living will, as well deciding whether specific options, like establishing various types of trusts, may be right for your unique financial situation and family structure. Most of what estate plans ensure is that your loved ones have clear directives and your wishes are followed. Better to be prepared than leave loved ones with lots of taxes and unfair burdens of distributing your possessions.
Are you looking for guidance on how to downsize or estate plan? I am happy to help. Let’s’ take this next step together, Kimmy Rolph sells The Main Line and local areas.
