4 minute read

What is the Average Cost of a Will and Trust?

Setting up your Will and Trust is one of the most important parts of planning for your death. But how much should this process cost? Trust & Will explains.

Patrick Hicks

Patrick Hicks, @PatrickHicks

Head of Legal, Trust & Will

Unfortunately, too many people tend to put off their Estate Planning because they’re concerned about the cost. And we can admit, it’s a valid concern. High-priced Estate Planning attorneys can make the process incredibly expensive, even if you have a small to mid-sized estate.  

But don’t let fear get in the way of your future. Because the reality is, failing to plan can be much more costly in the long run - both for your loved ones and for your legacy. 

Learn why you shouldn’t be afraid of the average cost of a Will and Trust, and find out more about how to choose the right Estate Planning vehicles for your needs, based on your current situation and the plans you have for your financial future. Read on, as we cover:

What Is the Average Cost of a Will? 

The average cost of having a Will drawn up depends on a number of factors, including whether or not you write it yourself, or if you’re using an Estate Planning attorney to do it for you. 

Other factors that will come in to play can include how complicated and complex your estate is and how many beneficiaries you’ll have. Even where you live can influence the cost of your Will. The average cost can range anywhere from just a few hundred dollars, to the thousands-of-dollars range. 

What Is the Average Cost of a Trust?

Just like with a Will, the average cost of having a Trust created can widely vary. Cost will be reflective of multiple things, like if you’re doing it yourself, hiring an Estate Planning attorney, and of course, how complicated your estate is and how many assets you have. 

Depending on whether you plan to make your Trust yourself, or if you’ll use an attorney, you can expect the cost of a Trust to be anywhere from under $100 to upwards of several thousand dollars.

Other Important Information To Consider About the Average Cost of a Will and Trust

Of course, cost is understandably an important aspect to consider, but it shouldn’t be the only thing you think about when considering a Trust or Will. There are actually a number of other circumstances that are important, too.  

What’s the Difference Between a Will and a Trust? Do I Need Both?

There are significant differences between a Will and a Trust. Knowing which one is right for you greatly depends on your circumstances now, as well as your goals for the future. 

A Will is the most basic of your Estate Planning vehicles, and the cost to create one reflects that. Wills are generally easy to create and cost much less to execute than Trusts do. But, on the flip side, they offer less protection and will have to go through the costly, time-consuming, often-stressful process of probate. 

Trusts, by contrast, can be more complex and have more sophisticated financial goals. And depending on what type of Trust you use, they can reach further in terms of asset protection. And all Trusts avoid the probate process for your loved ones. Because they’re more complex, a Trust is typically more expensive than a Will to create and put into play. 

Want to learn more about the differences between a Trust and a Will? Check out our guide! 

Factors That Affect the Cost of a Will and Trust

There are a number of factors that can affect the cost of a Will or Trust. Understanding them can help ensure you’re comfortable and know what to expect up front. Cost may be affected by things like:

  • State of residence - Fees to create an Estate Plan can be influenced by area-norms. Particularly if you live in a place where cost of living is higher than the national average, attorney fees will likely follow suit. An Estate Planning attorney in New York City will generally cost more per hour than one in a more rural part of North Carolina, for example.

  • Size of assets - The larger your assets are, the bigger your estate, the more expensive it’ll be to coordinate everything into effective Estate Planning vehicles. If you have an exceptionally large estate, you should expect to pay more for your Estate Plans, regardless of whether you use a Trust, a Will, or (better yet), both!

  • Hiring a lawyer - Legal fees can be (and often are) the most expensive part of the Estate Planning process. You may feel more confident using an attorney, but keep in mind that today you have viable, trust-worthy options available to create concrete, protective Estate Plans on your own. Trusted companies like Trust & Will have worked hard to make their process just as effective even while eliminating the traditional Estate Planning attorney route. And best of all...you can go through the entire thing for a fraction of the cost.

  • How many beneficiaries you’ll have - Having more beneficiaries won’t necessarily cost you more now, but keep in mind that your Trustee and/or Executor will have to manage all of them in the future. While it shouldn’t be a deterrent to leaving assets to your loved ones, it’s something to keep in mind when you’re considering cost. 

Can I Just Write a Will Myself? 

The short answer here is yes, you absolutely can write a Will yourself. But you should be aware of a few things before deciding this is the best way to go about your Estate Planning. 

While it is perfectly legal to create a Will on your own, there are numerous caveats to keep in mind. If a Will is challenged in court and then found to be not valid, it can pose all kinds of complicated issues for your loved ones to sort out after your passing. 

For example, your Will must comply with state standards and requirements. It must have the appropriate number of witnesses, and some states have specific laws about whether or not a hand-written Will is acceptable. 

Bottom line, if you’re writing a Will yourself, you want to be very careful so you can avoid potential headaches for your loved ones in the future. 

How to Set Up Your Own Trust & Will

Even though the DIY model of Estate Planning can be risky, you do have other options besides using an expensive attorney as an alternative. Using the services offered by Trust & Will offers a viable, cost-effective, simple-to-use, effective way to create a Trust or Will that you know you can count on. 

Ensure your wishes are followed and that you’ve protected your estate and your loved ones in the future by crafting a comprehensive, all-inclusive Estate Plan that covers everything you need. 

Trust & Will has taken the guesswork out of Estate Planning. We’ve simplified the process so it’s easy to understand, and we’ve eliminated the stress of it being ridiculously costly. We believe that everybody deserves an Estate Plan, so we set out to make the process as accessible and affordable as possible. We think you’ll agree - check out our affordable Estate Planning options today.

Is there a question here we didn’t answer? Reach out to us today or Chat with a live member support representative!


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