Average cost of a will

• The cost of a will could range from nothing to around $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 that 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 will preparation 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

Type of will

Not all wills cost the same, in part because there are different types of wills. For example, there are simple wills, which are fairly straightforward documents specifying how assets should be distributed, and there are complex wills, which also involve areas such as tax planning for inheritances. So, a simple will usually costs less than a complex will.

There are also living wills, which specify your healthcare choices if you become incapacitated. This differs from what people usually mean when they refer to wills, which is the last will and testament, i.e., a document that specifies your financial wishes after you pass away.

Complexity of the estate

As alluded to with complex wills, the complexity of one's estate can have a significant impact on the cost of will preparation.

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.

If 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 and add to the cost to draw up a will. If you are in this situation, it can prove helpful to create 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 philanthropies 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.

Location

The geographic location of the individual or couple in need of the will will be important, too, in terms of the average cost for will and estate planning.

Patrick Hicks, VP of legal and compliance at Legal Karma, says higher-cost locations also usually require more than just a will for estate planning. That can also tie into complexity, such as if you live in a high-cost area and have assets that require more estate planning documents than just a will.

"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."

What does a will cost?

According to Thumbtack, the national average cost for creating a will is $890. The low-end average is $432, and the high-end average is $1,835.

As mentioned, though, the actual cost of creating a will depends on your situation, such as the will's complexity and your location. You might even be able to essentially create a will for free if you do it yourself, or you might go with a more comprehensive plan via an estate planning attorney that costs several thousands of dollars.

Here's a closer look at what a will might cost depending on the types of will preparation services you use:

DIY will kits

If you're looking for cost-effective will preparation options, consider do-it-yourself (DIY) will kits you can access online. These typically go for less than $50, if not being free.

For example, there is a company, Do It Yourself Documents, LLC, that offers a free downloadable 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 and other DIY options frequently require notarization, which comes with a small fee, usually in the ballpark of $5-$25, depending on the notary and your location. Other than that, a handwritten will or a free downloadable template costs nothing but the cost of the paper on which they are written or ink for printing.

"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 and cofounder of online will platform Willful. "And I would note that the holographic wills are not valid in certain states."

Online will services

If you want to go a step beyond the DIY approach, there are several online legal services that use software to help you quickly create a will from the comfort of your own home. Some prominent examples of these online will services include Trust and Will and LegalZoom. These websites typically have you answer a few questions to then create a will based on your financial situation and location, and there are also add-ons, like if you want more support from an attorney. The base cost ranges from roughly $99 to $299, but adding extra estate planning services might increase your cost.

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.

Much depends on the level of customization, but in general, if you just want a simple will, you might pay as little as $250. However, that can quickly go up to $8,000 or more once you start adding other estate planning documents or if you have a more complex financial situation.

Jack Hales, an estate planning and probate attorney and founding partner at Hales and Sellers, said the cost of your estate plan — including a will — 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."

While these costs may seem high, getting your estate plan in order — perhaps with more confidence that it's done correctly vs. doing it on your own — could be worth it.

"I would think of it as an investment or an insurance plan," says Rochelle Schultz, an estate planning attorney and shareholder at 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."

Often, 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. That said, 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

As mentioned with the DIY option, many people end up getting their wills notarized. Technically, you don't have to do so in most cases, as this law currently only applies to Louisiana. However, getting your will notarized could ultimately help it go through probate faster.

Notarization isn't a significant cost and will usually run you about $10, says Indrika Arnold, a senior wealth advisor at The Colony Group. So, you might prefer to err on the side of caution and get your will notarized.

What are the fee structures for a will?

While hourly is a common fee structure when working with an attorney, there are several possible fee structures when it comes to creating 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: This is a rarer option. You'll decide what estate planning documents you want to include and pay per item.

Tips for choosing the right will preparation service

Assessing your estate's complexity

Many different variables 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, consider 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 suggested updating them every five to ten years or whenever you undergo a major life event, such as childbirth or a divorce.

That said, some advocate for even more frequent checks. For example, 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 might be free or have a nominal charge. For example, Trust & Will charges $19 per year for unlimited updates and changes.

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. Many times, there are common documents that you'll combine with it to create your comprehensive estate plan. While this may add to the cost, it can help set you and your loved ones up for the future. 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 healthcare 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 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 is 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, 'Okay, 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."

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FAQsabout the cost of making a will

What is the average cost of creating a will?

The cost of creating a will varies quite a bit, ranging from essentially free if creating a handwritten will, to a hundred or few hundred dollars if you want to use an online service, to potentially thousands of dollars if you want to hire a lawyer to help craft this legal document.

Can I create a will for free?

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?

Hiring an attorney to create a will can provide personalized legal advice, help address complex needs such as tax-related issues, and ensure compliance with state laws.

Are online will-making services reliable?

There are many online services that can help you set up a will, but be sure to use one that has strong online reviews and clear explanations of what services are provided. Consider ones that offer optional attorney assistance in case you need more help.

How can I save money on making a will without sacrificing quality?

For starters, be sure to perform an accurate assessment of your estate's needs so you can focus on the specific services that most benefit you and minimize hours spent with a lawyer. 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.

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