What is the Average Cost of a Will and Trust?

Too many people put off Estate Planning because they're worried about the cost. It's a valid concern, but it's usually based on one data point: what a traditional attorney charges. That's the most expensive path, and it isn't the only one.

Failing to plan is usually more costly in the long run, both for your loved ones and for your legacy.

Below, we break down the average cost of a Will and Trust, what drives that number, and how to choose the right documents for your situation. Read on, as we cover:

• What Is the Average Cost of a Will?

• What Is the Average Cost of a Trust?

• Other Important Information To Consider

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

• Factors That Affect the Cost of a Will and Trust

• Can I Just Write a Will Myself?

• How to Set Up Your Own Trust & Will

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 you write it yourself or use an Estate Planning attorney. 

Other factors include how complex your estate is and how many beneficiaries you’ll have. Even where you live can influence the cost of your Will. Costs range from a few hundred dollars to several thousand. 

What Is the Average Cost of a Trust?

Just like with a Will, the average cost of having a Trust created can vary widely. Cost depends on several things: whether you do it yourself or hire an Estate Planning attorney, how complicated your estate is, and how many assets you hold. 

Depending on whether you make your Trust yourself or 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 choosing between a Trust and a Will. There are a few other considerations worth weighing, 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 easier and less expensive to create than Trusts. 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, are more complex and can serve more sophisticated financial goals. A properly funded Living Trust lets the assets you place in it pass to your loved ones without going through probate. Because Trusts are more complex, they typically cost more than a Will.

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 local 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 estate, the more it costs to organize 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, trustworthy 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 invalid, 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 be signed by 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. Trust & Will offers a cost-effective, simple way to create a Trust or Will that you can count on. 

Ensure that your wishes are followed and that you’ve protected your estate and your loved ones in the future by crafting an 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 taken the sticker shock out of it. 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.