Around 68% of Americans do not have a will. And we get it! No one wants to think about what will happen after their demise, and those who are young and don’t have children believe there might be no point in having one.
And how much does it cost to write a will these days? Isn’t it complicated and time-consuming, too?
Having a will in place is the only way you can be certain that your assets and estate are in good hands after you’re gone. Nothing else can beat the peace of mind and security of a will.
And writing a will can be a lot more affordable than you think. There are lots of ways to write a will, and this is a breakdown of the main options so you can choose one that is right for you and your budget.
How Much Does It Cost to Write a Will?
Quite simply, writing a will can cost anywhere from ‘free’ to thousands of dollars. The cost of a will depends entirely on the size of your estate and how complex it is.
It also depends on the method you choose to write your will. If you organize your estate with a lawyer, you can expect to spend more than you would if you write a will by yourself. And nowadays, there is the option of organizing everything online.
Read more about estate planning here.
Cost of Writing a Will by Yourself
If you have a small estate, no dependents, and your circumstances are likely to change at some point, you may just want to draw up your own will.
So how much does it cost to write a will? Nothing, if you do it yourself!
There are several free templates you can fill out which is far better than not having any will at all. However, make sure to check the laws in your country or state because the rules differ depending on where you are located. Some wills need to be notarized, so they are legally valid.
Cost of Writing a Will Online
Is there anything you can’t do online? If you’re wondering when to write a will because you think it’s time-consuming and stressful, you can take away all the worries by writing a will online.
An online will service is a slightly better option than a free template as they will make sure it’s legally valid and tailored to your circumstances. But it can get complicated if you have a lot to figure out.
You can expect to pay anywhere from $75-$200 for an online will writing service. Setting up trusts will cost around $400-$500.
Cost of Writing a Will With a Lawyer
If your estate includes several properties, bank accounts, stocks and you have dependents and charities you want to support, the traditional route of hiring a lawyer might be the best for you.
They will be able to help you with what to include in a will and to set up trusts. Nothing beats being able to ask a professional all of those niggling questions.
The absolute lowest you can expect to pay a lawyer for writing a will is anywhere from $200-$600, but it can be a lot more. Lawyers usually charge $100-$400 per hour, so your estate’s complexity will depend on how much you need to pay.
Write Your Will Sooner Rather Than Later
How much does it cost to write a will is a very legitimate question for those who want to organize their estate without spending half of it in the process.
Hopefully, one of the options listed above will provide you with an affordable way to get your affairs in order and finally write your will.
Check out our other lifestyle articles for more tips and guides!