JUMP TO Section Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.- Factors influencing the cost of a will
- Average costs
- Types of will preparation services
- Tips for choosing the right service
- How do different types of wills work?
- FAQs
Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.
- The cost of a will could range from nothing to $8,000, depending on how you make it.
- If your estate is more complex, it will likely cost you more money to make a will.
- Every expert we talked to agreed having some kind of will is better than none at all.
Planning for what happens after you die isn't a fun topic, but it's necessary to make sure your family can carry out your final wishes. A will specifies what becomes of your assets and who is to care for any of your minor children when you're gone.
We talked to several experts to help estimate the cost of creating a will and other estate planning documents. The cost ranges on these items vary significantly. Whatever your budget, every expert we talked to agreed that having some form of a will is better than not having one at all. Most recommended creating a will as soon as possible once you become an adult.
This article provides helpful information that readers can harness when comparing will preparation services. This can prove highly valuable when budgeting for estate planning costs.
Factors influencing the cost of a will
Complexity of the estate
One major variable impacting the expense associated with creating a will is the complexity of one's estate. This is a major consideration when comparing will preparation services.
If you run a business, have lots of assets, have a large number of children or grandchildren, or want to leave money to charitable causes, you will need to incorporate these decisions into your will.
In the event that you own a business, for example, you need to determine what will happen to ownership of that entity should you pass on.
Past that, if you have a lot of assets, figuring out which of your beneficiaries gets each individual asset can prove time-consuming. If you are in this situation, it can prove helpful to draw up a list of all your assets to make sure you account for everything that will need to be covered in this legal document.
Another consideration is charitable contributions. Do you want to give money to charitable causes when you move on? If so, be sure to draw up a list of which causes you wish to donate to, as well as how much you wish to give.
The geographic location of the individual or couple in need of the will will be important, too.
Patrick Hicks, head of legal at Trust and Will, says higher-cost locations also usually require more than just a will for estate planning.
"In many cases in those high-price locations, it's incredibly uncommon to have that will alone," Hicks says. "So that $1,500 you might see for a will in San Francisco is almost never going to be the option chosen for a variety of reasons. A will in Topeka might cost $500 and be suitable, but you'll need to pay more in San Francisco."
Average costs
Jack Hales, an estate and probate attorney at Hales and Sellers, said the cost of your estate plan can vary widely depending on what you need done.
"At the absolute lowest end, if you need a simple will, powers of attorney, and nothing fancy, it'll cost $750 for an individual. For a married couple, it's $1,200. Once you get into setting up an estate plan with a revocable trust and more, it'll cost at least $3,000. And then, depending on your assets, you may add a few extra hundreds or thousands."
DIY will kits
There are do-it-yourself (DIY) will kits you can access online, and they cost less than $50. These are perfect examples of cost-effective will preparation options. There is even a company, Do It Yourself Documents, LLC, that offers a free template you can use to put together your last will and testament. However, the website offering this free document emphasizes that it may not comply with laws in all U.S. states.
Some states allow holographic wills, which are handwritten notes. These frequently require notarization, which comes with a small fee, but other than that, they cost nothing but the cost of the paper on which they are written.
"If you are going to draft a holographic will, make it as comprehensive as possible so that it doesn't create issues for your family after you pass away," says Erin Bury, CEO of online will platform Willful. "And I would note that the holographic wills are not valid in certain states."
Online legal services
There are several websites you can use to create a will from the comfort of your own home, including Trust and Will and Willful. These websites will offer templates for your financial situation and the state you live in, created by local lawyers. The cost ranges from $99 to $200.
Hiring an attorney for personalized service
This is the most traditional way many people think about creating a will, where you sit down with a lawyer and go over your situation. You'll get customized estate planning documents, and the cost for a lawyer varies significantly. You may pay as little as $250 or as much as $8,000 or more.
"I would think of it as an investment or an insurance plan," says Rochelle Schultz, an attorney with the estate planning law firm Weinstock Manion. "It's not something that you're going to need to do often, it's not a cost you're going to incur forever."
Most of the time when you are using a lawyer to craft a will, you'll be paying by the hour. If you have many questions to ask, it will cost you more. Bury recommends going into the office with some key decisions already made. She says you can find resources online about common decisions in the estate planning process and prepare your answers ahead of time.
Lawyers may also charge different rates commensurate with their level of experience in the field.
Visiting multiple lawyers' offices is the main way to get a price comparison, though some sites and firms do have rates listed. There aren't "will marketplaces" similar to student loan sites like Credible student loans and Splash Financial student loans, for example.
"Honestly, it's troubling how hard it is for an individual consumer to understand the price structures, because you don't know what you're gonna get even when you're sitting in the lawyer's office," Hicks says.
Notarization
Another minor consideration is the cost associated with getting a will notarized. This isn't a significant cost and will usually run you about $10, says Indrika Arnold, a senior wealth advisor at The Colony Group.
What are the fee structures for a will?
You may be charged:
- Hourly: You'll pay by the hour for the time spent crafting your will.
- Flat fee: You'll pay a predefined set rate to create your will.
- On an à la carte basis: You'll decide what estate planning documents you want to include and pay per item. This is a rarer option.
| Type of will | Cost | Pros | Cons |
| Holographic will (handwritten) | $0 |
|
|
| "Fill-in-the-blank" will | $20 to $40 |
|
|
| Online will | $99 to $200 |
|
|
| Will with lawyer | $250 to $8,000 |
|
|
Types of will preparation services
Online will creation platforms
There are many online platforms interested parties can use to put their will together. Several organizations have even put together short lists of the most effective platforms allowing interested parties to create wills online.
The National Council on Aging, Inc., an organization that advocates for people who are elderly, put together a list of top ways to craft a will without hiring a lawyer.
Traditional legal consultation
Individuals interested in creating wills have frequently worked with legal professionals, a route that could help reduce the risks of making mistakes when putting together a will. Working with an expert in such a manner could potentially provide a substantial return in the form of greater certainty.
Tips for choosing the right service
Assessing your estate's complexity
There are many different variables that can contribute to the complexity of your estate, including whether you run a business, have a large number of children and/or grandchildren, what assets you have, whether you want to donate to charity in your will and your geographic location.
If your situation is straightforward, a simple solution like an online will might fulfill all your needs. However, your situation might be far more elaborate, putting you in a situation where you can benefit significantly from hiring a lawyer.
Be sure to consider how important it is for you to manage the legal risks associated with creating a will, in other words how things can turn out if you don't hire a lawyer to help craft one of these legal documents.
How often should you update your will?
Most of the experts we spoke with defined wills as living, breathing documents and suggest you should update them every five to ten years or whenever you undergo a major life event such as childbirth or a divorce. Bury recommends reviewing your will annually, even if you don't make any changes to it.
The cost of updating your will varies depending on the complexity and the firm you use. Small changes using a lawyer may cost you a few hundred dollars, while updating your will through an online platform may only cost you $20.
What other documents often come along with a will?
The experts we spoke with agreed that it's uncommon to get a will by itself, and that many times there are common documents that you'll combine with it to create your comprehensive estate plan. These may include:
- Durable power of attorney: A durable power of attorney gives legal authority for one person to act on behalf of another person to manage their property or financial affairs. In estate planning, a durable power of attorney comes into play when you are unable to make decisions for yourself due to mental or physical disability.
- Healthcare power of attorney: A health care power of attorney appoints someone to make medical decisions for you if you are no longer able.
- Revocable trust: Trusts are designed to have a trustee manage and distribute the assets to beneficiaries after a person's death. Revocable trusts allow the person to change its instructions or terminate the trust entirely during their lifetime. With a revocable trust, beneficiaries may avoid probate court and guardianship or conservatorship proceedings.
Top pieces of expert advice for creating a will
Erin Bury: "Some people don't even have $100 for an online will. So if you ask me, a will is better than no will at all. And would I rather have someone creating a holographic will versus nothing? Absolutely. A lot of times financial planners and attorneys get caught up in what is the best possible option and they forget that, actually, the worst thing that can happen if someone passes away without a will."
Rochelle Schultz: "Reputation matters. I would really go to someone who specializes in that type of law, rather than someone who's a general lawyer who might do a little bit of everything because you want to make sure that this is something they're really comfortable and familiar with."
Jack Hales: "The best way I can boil it down is an ounce of prevention is worth a pound of cure. If you don't take steps, your state is going to give you a will and it's probably going to be much harder even if the final outcome is the same. More difficulty also means the attorneys become bigger beneficiaries of your estate."
Indrika Arnold: "The biggest misconception is that people think 'OK, I don't have enough money to have a will, I don't have enough money to have estate documents.' And that's really a misconception because if you have assets whether significant or not, if you have a house, if you have children, you do need a will."
Patrick Hicks: "If you are in a committed relationship that is not a marriage, it is incredibly important that you have a plan in place. You have the burden to give your partner those rights if you want your partner to be able to act on behalf of your estate or even receive your assets. You have to designate that in a valid estate plan. There's not a legal presumption."
FAQs
What is the average cost of creating a will? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The cost of creating a will varies quite a bit, ranging from less than $100 if you want to use an online service to thousands of dollars if you want to hire a lawyer to help craft this legal document.
Can I create a will for free? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You can potentially create a will for free, but taking this route will not provide you with the expert legal advice that can help out significantly when drawing up a will. Further, if you need to get a will notarized, it will come with a small fee.
What are the benefits of hiring an attorney to create a will? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Hiring an attorney can provide personalized legal advice, help address complex legal needs and ensure compliance with state laws.
Are online will-making services reliable? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.There are many online services that can help you set up a will, but be sure to use one that has strong online reviews, clear explanations of what services are provided, and attorney assistance if necessary.
How can I save money on making a will without sacrificing quality? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.For starters, you can be sure to perform an accurate assessment of your estate's needs. Past that, it can be helpful to review several different services and be sure you know exactly what each one offers its users. By keeping these variables in mind, you can pick a cost-effective solution that meets your needs.
Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Read more Read less Top Offers From Our Partners 
Chime® Checking Account Set up Direct Deposit and get your paycheck up to 2 days before your coworkers.** No overdraft fees. No monthly fees. A tooltip Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. **Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Start BankingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
Reference
ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ5mjw6a%2F06KloGeYpMRuudScn2acn5rAbrXTZpqoq6RiwbB5zJqinmWRYsSquMs%3D