Preparing a Will - How Much Does a Will Cost?

It's probably one of the least popular topics to talk about -- having to prepare a will. Whether it is because people are afraid of their own death, or perhaps equally afraid of having to face an attorney (ughh!), most people keep putting off preparing a will. Who needs a will? Why get a will? If you are single and have no kids or major assets, it may not be such a big deal. But if you have a substantial estate or have family or children you want to provide for, then having a will is essential. The alternative, doing nothing, can sometimes have unintended consequences. If you die without a will, it is called dying intestate (meaning you have more assets than debts at time of death and no will). At that point, the state probate court system will handle how things are divided up according to the law, not according to any wishes you have -- that means assets like businesses may be sold to divide money, spouses and children will get specific allotments, custody of children will be arranged, etc. For most people, this is not what they want to have happen - who wants a judge and some court making decisions about your life and family and resources? A lot of people also want to minimize taxes through estate planning.

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So if you have a family and money (one rule is that if you have enough money to worry about a will, you have enough money to make a will), put aside the time and energy and get a will made up.

Requirements for a Will? Do you need a lawyer to make a will?

You can find a number of books and software programs and forms that will let you prepare your own will. Or you can pay an attorney to write your will. For the vast majority of people, the actual will is a pretty simple affair (more complications are added when you include power of attorney and living will provisions regarding who has right to make desicions regarding life support, etc.) Some states have specific requirements for wills to be legal and valid. In general, you must be a legal adult to make a will (18+ year old), it must be signed by you, you must prepare it while of sound mind, you should have 2 adult witnesses (who should NOT be recipients of anything in the will) who also sign at time of signing, and a formally prepared, printed will is better than a hand-written will done on scrap paper. You may want to review the American Bar Associations Guide to Wills and Estates. Estate planning can be complicated especially when you have a large family and substantial assets. You can take a look at an estate planning checklist here, giving you an idea of what kind of information you'll need and will want to consider.

Preparing Your Own Will

If you decide to prepare your own will, you can use online resources like LegalZoom.com -- an online site that provides templates and legal documents for things like wills - consider their service if your needs are pretty basic (they cost just $69-$119). They provide documents for living trust (to avoid probate) as well, starting at $219. You can also buy a software package like Quicken WillMaker Plus 2009 (available from Amazon.com here ) for under $50. It covers basic wills, living trusts, health care directives, powers of attorney, etc. Just like their tax programs have shown millions of people that you don't need to pay an accountant to do your taxes, this program shows you can create a will without paying an attorney if you choose to. Similar to their tax programs, this one walks you through an interview style series of questions to flesh out the requirements of your will. Of course, attorneys have more real life experience when it comes to estate planning and will, so it is a good idea to read some books and get professional advice if you have any questions at all regarding your situation to be sure you are informed. For books, you might also want to check out The Complete Idiot's Guide to Wills and Estates or Nolo's Simple Will Book.

Having an Attorney Prepare Your Will - How much does a will cost?

If you decide you want to have a lawyer prepare your will, you can expect the cost to vary according to how complicated it is -- as a base line, expect to pay $200-$750 for a basic will. Most lawyers charge what regular people consider to be outrageous hourly fees, from $75-$500 per hour, so you'll want to have all your information prepared and set up expectations for what the job will cost -- we've known lawyers who significantly pad their billing hours and charge in minimum increments of 15 minutes (this means 4 separate 2 minutes email responses or phone calls will be billed at 1 hour). Consider using an attorney if you have mixed families from different marriages, significant assets, or any other situation where you feel you need more help. A good attorney is well worth their cost -- a crooked one can be bottomless pit for your wallet.

Once you create a will it should be stored in a safe location, like a safe deposit box or with your attorney.

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