How Much Does A Will Cost? [Estate Planning Q&A Video Series]

People frequently delay drawing up a Will because of concern for the cost. The cost of preparing an estate plan, which includes a Will, is very reasonable. Compared to the expense your loved ones would incur to handle your estate without a Will or other estate planning documents, it is a bargain. We typically recommend doing an "estate planning package", which includes more than just a Will.

In this video, I discuss the average cost of an estate planning package so you can know what to expect when preparing your Will and other estate planning documents.

What Is Included In A Typical Estate Planning Package?

The typical estate planning package includes:

• A Will, with or without testamentary trusts
• A Statutory Durable Power of Attorney
• A Medical Power of Attorney
• A Directive to Physicians (Living Will)
• A Declaration of Guardian in the event one is needed
• Possibly, a Transfer on Death or Lady Bird Deed

The full package deals with the most common life events for virtually everyone, not just death. The Powers of Attorney, Living Will, and Declaration of Guardian deal with making arrangements to handle your affairs if you become incompetent or incapacitated. Those situations are critical legal events. Each of these elements of the estate planning package is discussed in detail in the linked blogs. The cost of a Will is part of the cost of the entire estate planning package for most of my clients, unless they already have drawn up the other documents in the package.

The Typical Cost Of An Estate Planning Package

The biggest variable in the cost is whether there is a need for the inclusion of testamentary trusts in the Will. These provisions could be required if there are minor Will beneficiaries, beneficiaries with special needs, or if there are other situations in which you feel a third party trustee overseeing the use and distribution of the inheritance to a beneficiary would be beneficial.

A standard "Mom and Pop Will" provides that on the death of the first spouse, the estate passes to the surviving spouse, and if your spouse does not survive you the estate passes to your children. The fee for the package which includes this standard Will, without other detailed provisions, would generally range from about $500 to $750 per person. 

If, however, you have decided that one or more trusts that would arise upon your death to hold the benefits for the beneficiaries is best, the cost probably would increase by $250 to $500, or more if intricate trust provisions are required. This is a very individualized drafting procedure, and it is difficult to predict an exact fee in advance.

Typical Cost Of Probate With Or Without A Will

There are infinite factors that go into determining what the cost of probate in any given instance will be. If there was a Will for the deceased person, however, almost certainly, the cost of that probate would be a small fraction of the cost if there was no Will. A comparison of these costs is explored in more detail in this blog.

The general range of the costs of a probate without a Will would be from $1500 (if strict small estate affidavit requirements are met) to in excess of $5000. Again, this depends entirely on factors such as what property is in the estate, how many legal heirs there are, whether there are existing debts of the deceased, and the degree to which the heirs can agree and cooperate with each other.

Conclusion

The cost of an estate planning package may seem high, but it will save your family substantial money and heartache in the long run. To learn more about Wills, Living Trusts, and the estate planning process, read the other articles in my Estate Planning Q&A Video Series below:

• What Is A Will?
• Do I Need A Will?
• How Do I Get A Will?
  
• Do I Need A Living Trust?

If you do not have the Powers of Attorney and Living Will, a guardianship may be required for someone to make legal decisions on your behalf. The costs of a guardianship proceeding can be very substantial. Those costs are discussed in detail in this blog.

Ready to get started? Contact Adair M. Buckner using the button below and get a free initial consultation*. 

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*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)

** This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.