What's the Average Cost of a Making a Will?

By David Dierking Updated February 04, 2022

Reviewed By Khadija Khartit   Fact Checked By Suzanne Kvilhaug

Let's face it. The last thing people want to do is plan for their death. There are a lot of important decisions you need to make—decisions you shouldn't leave to your loved ones. These include saving for and planning your funeral, appointing a power of attorney, designating beneficiaries for all your accounts, setting up your kids—especially if they're fairly young, planning your estate, and setting up your last will and testament.

This last one is probably one of the most important things you'll have to do. Below, we've outlined some important things you'll need to consider when you're putting together this important document.

KEY TAKEAWAYS

Setting up a will is one of the most important parts of planning for your death.

Drafting the will yourself is less costly and may put you out about $150 or less.

Depending on your situation, expect to pay anywhere between $300 and $1,000 to hire a lawyer for your will.1

While do-it-yourself will kits may save you time and money, writing your will with a lawyer ensures it will be error-free.

A Complicated Process

Drawing up a will isn't as easy as you may imagine. Most people hear the word will and think it's a fairly simple process. The idea most people have is that it requires a few minutes to designate the recipients of all your worldly belongings. But that isn't true. In fact, there are many important facets to the document you have to consider—right down to how you word it.

If you have a lot of assets, run a business, and have more than one child or grandchildren, you need to take some time to make careful decisions about what happens after you die. Doing so now will help those you leave behind in the end.

Make a list of all your assets—your home, vehicles, any valuables—along with all of your financial accounts such as checking and savings accounts, certificates of deposit (CDs), and life insurance policies. Then jot down all of your dependents and who inherits each asset. Also note that if there are any special considerations you'd like to include in your will such as when minors inherit your assets, how accounts will be split up, or what happens to your home after you die.

You can try drafting the will yourself or you can hire a lawyer to do the work for you. But even if you hire an attorney, you'll still have to make these important decisions on your own. We'll look at the benefits and drawbacks of both a little later in this article.

The Cost of a Will

The fee for having a basic will written can be as little as $150—fairly reasonable and affordable for most people. Consider purchasing a do-it-yourself will creation kit that can be purchased online or in stores for less.

These are generally templates you can fill in with your pertinent information online. If you require more complicated or additional estate planning documents, be prepared to dish out more cash. It can cost $1,000 or more in advanced situations.

To continue reading, please go to the original article here:

https://www.investopedia.com/ask/answers/033116/what-average-cost-making-will.asp