Creating a comprehensive, complete Estate Plan is actually one of the smartest things you can do for your loved ones. And we believe writing your Will is important enough that cost should never be a deterrent. But, we understand that you may be concerned with the price associated with writing a Will - that’s why we’re breaking down the different ways and costs involved with creating this important part of your Estate Plan.
Want to know more about the process of making a Will? Learn everything you need to know, including step-by-step instructions from Trust & Will.
How Much does it Cost to Make a Will?
On average, it can cost anywhere from free, all the way up to the thousand-plus dollar mark to have your Will properly done. Ultimately, your actual cost will depend on several factors.
The two biggest components are the size and complexity of an estate. How you actually go about completing your Will will factor into the cost as well.
You have three main options when it comes to creating your Will:
Do it Yourself Will
Of course there is the standard Do-It-Yourself Will option. For those with small estates and limited assets, this may be an option. But keep in mind that while yes, technically anyone can create their own Will, there are multiple drawbacks and potential caveats to going this route.
The free or very low-cost templates that are available online can be tempting. But the risks involved can be drastic. Mainly, Estate Planning is simply not a one-size-fits-all deal. Using a pre-formatted template that doesn’t take into account your personal needs, goals, state in which you reside, or current situation could be problematic.
First, you run the risk of creating a document that winds up being legally invalid in your state. This is perhaps the biggest drawback to a DIY Will. Not understanding state laws and requirements in terms of how many witnesses you need, whether or not your Will must be notarized and other small differences could result in your Will being null and void. And that brings you right back to where you started, before you had any Estate Planning in place.
The result? If your Will isn’t legally binding, or if the template you use doesn’t include everything you need, your estate will go through probate with no Estate Plan as guidance, costing time and money and adding incredible stress to your grieving loved ones after you pass away.
Online Will Maker
There is also the Online Will Maker avenue you can pursue — just remember that not all Online Will Makers are created equal.
Costs vary with different platforms and the biggest risk you run into here would be using an online service that doesn’t offer what some of the higher-end services do.
Now we might be a bit biased, but here at Trust & Will, we’re proud to offer all of these important aspects at an affordable price, making it easy for you to protect your legacy. We’re different from other online options because we offer Estate Plans that are:
Customized to your needs
State-specific to where you live
Legally valid, so you’re protected now and in the future
Prepared by attorneys, but at a fraction of the cost
Trust & Will offers multiple products at prices that make Estate Planning accessible for everyone.
Create Your Will Through Trust & Will — Cost: $89 for individuals / $159 for both spouses
What You Get:
Last Will & Testament
Power of Attorney
Create Your Trust Through Trust & Will — Cost: $399 for individuals / $499 for both spouses
What You Get:
Revocable Living Trust
Schedule of Assets
Pour Over Will
Power of Attorney
Nominate a Guardian Through Trust & Will — Cost:$39 for individuals / $69 for both spouses
What You Get:
Nomination of Guardian - state-specific and customized to your needs and wishes
With a Lawyer
Sometimes, people with very large or complicated estates think they need to hire a lawyer to fully protect themselves and their loved ones. But know that this route isn’t necessary and it definitely will cost you more.
Lawyers typically charge either by the hour or a flat rate for Estate Planning, and either of these options will cost significantly more than using a trusted proven service like Trust & Will. And remember, at the end of the day, just because you used a lawyer doesn’t mean you’ll have any more of an iron-clad Estate Plan.
You could expect to pay anywhere from $200-$600 for a very basic Will. But if you have significant assets or a complicated estate, or if you need more than just a Will, you could quickly be in the several-thousand dollar range.
If you’re just not comfortable preparing your Estate Plan without the advice of an attorney, you might have one more option. You may feel more confident by opting to see if an attorney will offer a consultation or review of your DIY or online-prepared Will. This could potentially save you some money (depending on whether or not an attorney near you is willing to provide these services) while giving you the peace of mind that your Will is comprehensive and complete.
Keep in mind however, if you use Trust & Will, you have the option to add attorney-support to your plan — and all our forms are all created by experienced Estate Planning lawyers.
It’s normal if you’re feeling a little overwhelmed at the thought of creating your Will, but wondering how much does it cost to write a Will shouldn’t be part of your worries. Cost alone should not keep you from this important piece of preparing for your future. And preparing now, not only for your future, but also for your loved ones’, can offer you peace of mind.
Preparing your Will while you’re still mentally capable is the key to having peace of mind. Ready to protect your legacy with help from Trust & Will? Start your Will today!