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Online estate planning makes estate planning easier and more affordable than ever. Online estate planning services offer users a variety of options that cover a range of needs. These options include drafting a will, establishing power of attorney, and writing letters of intent. However, you may have to purchase burial insurance separately. As an individual looking to set up your estate at an affordable price, there are some things you should consider when planning online. Read on to learn about online estate planning options.
Basic Will
The basic will is the cheapest online estate planning option. Online planning services will help you draft a basic will for a one time fee of $33-69. This basic option does not come with legal or wealth manager advice. You can also pay for a premium bundle with legal advice included. This service varies in price, but you can expect to pay upwards of $149. Drafting a basic will may seem like an appealing, affordable option. However, the online will planning option does not cover the other legal necessities for estate planning. You are paying to create the document itself. This option does not establish power of attorney or set up a living trust. You should use this option as a cheap point of entry to the estate planning process. Drafting a basic will is the first of many online estate planning options.
Living Trust
A living trust is an online estate planning option that provides more benefits at a slightly higher price. A living trust is a legal document that places your assets into a trust during your lifetime. After death, those assets are transferred to your chosen beneficiaries. Living trust plans establish a living trust, power of attorney, and a living will. These plans usually cost between $200-300. You can avoid potential issues of interpretation with a living trust plan. Unlike a will, there can be very little argument made because your assets are transferred. A living trust is a good option for individuals with multiple inheritors. When using online estate planning services, a living trust plan is an convenient option.
Subscription
Subscription services are a popular online estate planning option. Subscription services offer a midway point between barebones options and expensive legal consultation. These services come with additional benefits such as digital asset management, attorney consultation, and financial power of attorney. Subscription services cost about $30-60 monthly. This is a great option if you are planning your estate over a long period of time. You can revise your estate as needed with occasional help from an attorney, without paying exorbitant amounts. Consider subscription online estate planning options long term planning.
Prepaid Legal Plans
You may have a default prepaid legal plan as your online estate planning option. Some employers offer prepaid legal plans to their employees. You should check to see if you have a prepaid legal plan. These plans usually cover the basic requirements of your estate. If you have this benefit available, you can choose to consult a lawyer or purchase software. Software costs between $39-70 and offers guidelines for doing your estate planning yourself. Some software also provide directories to attorneys you can hire to review your estate. On the other hand, your prepaid legal plan may also offer a free consultation. When using online estate planning services, you should use any prepaid legal plans you have.
Attorney Consultation
Attorney consultation is the priciest online estate planning option available. Consultations are priced by option. Wills cost between $300-1000, while living trusts start around $1500. You can also purchase session time. Individual questions can cost $40-60 on basic contract law, and a one hour sessions is between $100-500. This may seem like an exorbitant fee, but it can be a worthwhile one. Cheaper options can provide you with guidelines, but attorneys specialize in estate planning. They will ensure that everything is in order, so that there will be as little strife as possible. When you want to check if your online estate planning is successful, finalize everything with an attorney.
Online estate planning can be convenient and affordable. If you just need the basics, go with a basic will or a living trust plan. If you’re willing to pay a premium price you should use subscription services, prepaid legal plans, and attorney consultation. By using these online estate planning options, you can rest easy knowing you’ve taken care of your estate.
