Estate planning can help ensure your wishes for your care, assets, and family are carried out in the event of your incapacitation or death. Making a will is an important part of any estate plan.
Read on to learn the different ways you can create a will and the general costs of each option. Plus, discover how to help save on attorney’s fees with legal insurance.
How much does it cost to make a will?
Creating a will can cost you anywhere from $0 to a few thousand dollars. For instance, the average cost of creating a will using an online estate planning service is $160. These services provide forms you can fill out for your will and other estate planning documents, like a power of attorney or living will.1
If you use a lawyer to create your will or other estate planning documents, expect to pay either a flat fee, or an hourly rate of a few hundred dollars an hour.1 Whether you can create a will on your own or online, versus using a lawyer, depends on several factors, including:
- The complexities of your estate: If you have a lot of assets, run a business, have a blended family, etc., it will be more expensive to draw up a will.
- How you decide to create your will: You can write your will yourself, use free or low-cost software, or hire a lawyer to create a will. You just need to be sure your will adheres to your state’s guidelines.
- Where you live: If you hire a lawyer, their fees will differ depending on local regulations and cost of living.
- The type of will you choose: Simple wills, testamentary trust wills, joint wills, and living wills may have different fees associated with them
Typically, you can create a will on your own, through an online service, or with a lawyer. Because the process can be complex, you may benefit from having the help of an estate planning attorney.
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Understanding the different types of will
Before you decide whether to make a will on your own or tap an expert, you’ll have to choose the type of will that makes the most sense for your situation. There are several different types of will, and each plays a different role in your estate planning.
- Simple will: A simple will is what you’re probably thinking of when you hear the word “will.” It assigns an executor to carry out your wishes for how you want your assets to be distributed, and to whom, after your death.
- Testamentary trust will: Also known as a trust will, this type of will establishes a trust that contains your assets after you die. You’ll designate a trustee to manage the trust for your beneficiaries. You may choose this type of will if your beneficiaries are minors.
- Joint will: A joint will is a will for a couple, with each other as the beneficiary. These wills, once created and signed, are binding — the surviving spouse cannot change the terms of the will.
- Living will: A living will allows you to set parameters for how you want your medical needs to be handled if you become incapacitated.
Legal fees and other costs associated with will creation
You can make a will yourself, or if you have more complicated assets or wishes for how they will be distributed to your beneficiaries, you may need a lawyer to help you draw up a will.
The cost of making a will on your own
If you choose to create a will on your own, there are a number of options:
- Write it out yourself: You could write one yourself (aka a holographic will). While cost friendly, holographic wills are not the best option if you have complex finances or end-of-life wishes. Plus, they don’t always stand up in court.
- Use an online will-making service: This costs less than working with an estate planning attorney — you can expect to pay around $160.1 Downloadable templates or kits may not allow for much customization, but they tend to be affordable.
Online will makers provide services that allow you to input your information in their platform to create a more personalized will. Some companies allow you to create your will at no cost, while others charge a fee for the creation of the will and any add-ons you choose — like legal support.
Whatever you choose, you need to make sure the will meets your state’s regulations.
The cost of making a will with a lawyer
Hiring a lawyer can help ensure your will is accurate and legally binding. A proper will that stands up in court can help save your family a lot of money and time during the probate process, as it could make it easier for the probate court to verify it.
Typically, what you pay depends on your lawyer’s experience and expertise, your specific situation, the size of your estate, and where you live. The average cost of a attorney runs $391 an hour.2 Some other things to keep in mind in terms of fees:3
- You may find that lawyers at big firms charge more than ones at smaller firms; however, if a small firm is specialized, they may charge more, too.
- Many lawyers bill their time in six-minute increments — that means even if you speak with them for just three minutes, you will be charged for six minutes.
- Remember that if your lawyer works with other associates or paralegals on your will, you will be charged separately for their work. Their rates should be lower, though.
A lawyer may charge a flat fee for writing a simple will. That can cost anywhere from around $300 to $1,000 or more.3
Additional estate planning costs
If you choose to work with an estate planning attorney, they may advise you to create other estate planning documents with your will, such as:
- A living trust: This document outlines how you want your assets to be managed and distributed in a more detailed manner, and it may allow you to skip the probate process altogether. It’s a bigger upfront cost than creating just a will — fees could run around $1,200 to $1,500 or so — but skipping probate can save your estate thousands of dollars in court costs and help your beneficiaries get access to your assets more quickly.3
- Durable power of attorney (DPOA) for finances: This gives the person you name the authority to make financial decisions for you should you become incapacitated and unable to communicate your wishes. Typically, a DPOA costs a few hundred dollars.
- Living will: This document details the medical interventions you want to have if you become incapacitated, and may cost a hundred dollars.3
Ways to save money on making a will
Estate planning can help ensure your family is taken care of in the event of your death, and it’s never too early to start. Here are some ways you may be able to save money on creating a will while still ensuring your will meets state regulations:
- If you want to make a holographic will, ask a lawyer if they’ll take a look at it when you’re finished. This could cost less than having them draft the will, and it can help ensure that it’s correct.
- Use an online service or template. Typically, you’ll either answer questions online and the service fills out the forms for you, or you can download the forms and fill them out yourself. While legal advice is not included, some companies offer access to a lawyer for an additional fee.1
- Your state may offer free templates for creating a will. Check to see if yours does at your state’s web site.1
- Try reaching out to your local legal aid office to see if they can help you pro bono, or if they know of services that can. You can also reach out to your state bar association to see if there is a volunteer lawyer project, a pro bono project, a free legal workshop, or a self-help clinic that you can try.4
- Enroll in legal insurance through your employer. For instance, supplemental insurance like MetLife Legal Plans gives you low-cost access to attorneys who can help you create and manage an estate plan, including making your will, and save you hundreds or even thousands of dollars in the process. These services can also include access to online will and estate planning tools.
- Keep your will simple, if you can. The more straightforward the terms of your will are, the easier it is to create. So you’re less likely to need a lawyer, which typically costs more than creating a will yourself online or by using your state’s template, if they offer one. Just be sure that you’ve followed all the steps to ensure it’s legally binding.
The best way to create a will is going to depend on your personal situation — your budget, the complexity of your estate, and how much you have in assets. But the most important thing is that you get a will in place so that you know your wishes will be carried out once you’re gone.
FAQs
You’ll want to review your will every three to five years, or when you experience a major life change such as marriage or divorce, or the birth of a child. To amend your will, you can add a codicil, which can supplement, modify or even revoke a will.5 Check with your state’s requirements if you want to do this yourself, or contact your lawyer to see how much it might cost.
If you use an online service, check to see if amendments are included or if you have to create a whole new will. If you worked with a lawyer, find out whether the updates you want can be addressed with codicil, and how much it might cost. Just remember that your codicil must be clear in addressing what you want amended, so there’s no confusion once you pass. Like a will, a codicil needs to have witnesses present when you sign, and it has to be notarized. In some states, a memorandum in the will that states who gets tangible personal items like cars, jewelry, furniture can be changed without the process for a codicil. Check if your state allows it, if this kind of change applies to your case.6
If your assets and wishes for how you want them to be distributed is fairly straightforward, online DIY will-making services can be a good idea. Some online services offer legal advice for an additional fee, so you can get some guidance if you need it. These services cost an average of around $160.1
You should get a breakdown of fees from your lawyer if you use one, and check what is included in the rice of an online will-making service. You also want to be aware of how fees for executing your will once you pass can affect the assets your beneficiaries will inherit. For instance, costs associated with the probate process can include court fees, publication of notice fees, recording fees for deeds, etc. Your executor may charge a fee to administer your will, and they may need to hire a probate lawyer to help. Be sure to research the kinds of fees that might come up as you plan your will so you have a clear idea of how your beneficiaries will be affected.7