Will Cost

How much does a will cost?

A will is an essential piece of paper that needs to be carefully considered if you are to make sure that your estate is divided in the correct manner after your death. Leaving an estate intestate – without a will – can cause complications and upset among families. There are many cost variations involved with making and enforcing a will, and these can vary thanks to the size of the will, the complexity of the agreement and the local cost of legal professionals in your area.

General Cost

• It is possible to make a will with no cost at all; a will is, after all, simply a declaration of intent from the individual concerned, yet many people with serious assets prefer to make sure one is legally drawn up by professionals in order to have everything run smoothly in the event.
• There are attorneys that will charge a flats rate for creating a standard will, and you can expect this to be anywhere between $150 and $600.
• Many people like to have a will witnessed and this can incur greater costs if added witnesses are involved.
• Some wills may be covered in part by any legal cover that you have taken out – check policies for details.
• Keeping the will safe in a bank or attorneys can incur a small yearly cost.

Extra Cost

• There should not be additional costs over the agreed price of having a set will drawn up, but bear in mind that some attorneys charge by the hour and complicated discussions can add to the cost..
• The application and administration of trusts and other such clauses will not be included in the base price.

Tips

• If you are not in possession of a high value estate bear in mind that a will is simply an agreement – save money by drawing one up yourself and having it witnessed by two independent people.
• There are many books available and internet advice on making a will – use them wisely and check Nolo Press for great, free advice.
• Try and secure a flat fee – this will over-ride the worry about hourly rates.

Shopping

• Check a number of attorneys for their fixed rates.
• Use www.legaldocs.com for free forms used to draw up a will and much more very useful advice and information
• Ask around friends and family for advice and ideas.

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