How Much Does Estate Planning Cost?

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Estate planning isn’t reserved for the rich and famous. Creating a plan is necessary even if you don’t have a six-figure net worth, have your own home, or have kids dependent on you.

At its most basic, estate planning is a set of legal documents that spell out precisely what happens if you become incapacitated and eventually when you pass away.

It’s best to prepare ahead of time in case something terrible happens to you. You can’t assume your belongings will automatically go to your spouse, partner, or kids when you’re gone.

Laws vary by state, and the probate court will decide who gets your stuff if you die without a will.

Here are the essential estate planning documents you might need:

• Last Will and Testament — A will is a written document that lists how you’d like your belongings distributed after you’re gone. If you want your cousin to have your antique lamp, you can put that in your will.
• Trust — You can put your assets into a living trust for your benefit while you’re still alive. Upon…