Cost of having an attorney draft a will
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Cost of having an attorney draft a will
Can some please provide me with a rough estimate of the cost of having an estate lawyer draft a will? I realize this will vary a great deal from lawyer to lawyer depending on several factors. And I know there are services like LegalZoom that are cheaper than using an attorney, and a person can even write their own will. But what I'm looking for is a ballpark estimate or cost range for having an estate lawyer draft a will? Thanks in advance
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Re: Cost of having an attorney draft a will
Relatively simple wills to
leave all money to suriviving spouse if one dies
take care of our kids if both die
name executor,
name couple (godparents) who would take the kids if we both passed at the same time
name a trustee for the kids in the same sititaion.
Direct what to do if we all passed at the same time.
25 years ago, this costs $300, for essentially identical wills for my wife and I.
The lawyer also gave me advice on the wording to use in our state to direct
insurance proceeds to a trust for my kids as secondary beneficiaries.
leave all money to suriviving spouse if one dies
take care of our kids if both die
name executor,
name couple (godparents) who would take the kids if we both passed at the same time
name a trustee for the kids in the same sititaion.
Direct what to do if we all passed at the same time.
25 years ago, this costs $300, for essentially identical wills for my wife and I.
The lawyer also gave me advice on the wording to use in our state to direct
insurance proceeds to a trust for my kids as secondary beneficiaries.
Re: Cost of having an attorney draft a will
My cost last year for a last will and testament, appointment of health care representative, and general durable power of attorney was $300. I found her through a referral.
Re: Cost of having an attorney draft a will
I unfortunately paid around 1.5k.
It wasn't worth it. The guy used in essence his own version of legal zoom where I typed in the responses. When we went over the will, it was clear he hadn't even read it.
It wasn't worth it. The guy used in essence his own version of legal zoom where I typed in the responses. When we went over the will, it was clear he hadn't even read it.
Re: Cost of having an attorney draft a will
I think this will vary significantly according to where you live. Perhaps not surprisingly, in high cost of living urban areas you can expect to pay more, from $1,000 on up.
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Re: Cost of having an attorney draft a will
In our area, which reputedly has a high cost of living, a local attorney drew up two wills, two durable powers of attorney, and a declaration of homestead for $500 total. They were what the attorney called simple "I-love-you-honey" wills but they ran to three pages. A couple of years later we had to have a small change made in the two wills, which he did for $100 for both. It all seemed pretty reasonable to me.
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Re: Cost of having an attorney draft a will
Back in 2008 my brother and I split the cost to have my dad's will updated (his wife, our mom, passed away in 1995) which included a POA, Health Care Proxy, and an IAMT which we put his house into. It cost about $3,000. Later that year, I had the same lawyer draft my will which included the same things except for the IAMT. It cost me $1,500. I live in a high COL area.
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Re: Cost of having an attorney draft a will
I drafted one for my mom, but finding two independent witnesses and getting a self-proving affidavit (Florida) has been a challenge. Just about ready to pay a lawyer for a very basic one simply because of waitbesses and notary services they would provide!
Re: Cost of having an attorney draft a will
What is an IAMT?scrabbler1 wrote:Back in 2008 my brother and I split the cost to have my dad's will updated (his wife, our mom, passed away in 1995) which included a POA, Health Care Proxy, and an IAMT which we put his house into....
Re: Cost of having an attorney draft a will
$1.5K here, covered last will & testament, powers of attorney, living wills & surrogate designations, and some high-level estate planning consultation for both my wife & I. Seemed high, considering I'll never even get to use the one he made for me. (Actually, I thought it was quite reasonable.)
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Re: Cost of having an attorney draft a will
An IAMT is an Irrevocable Asset Management Trust. This article describes it to some degree.bsteiner wrote:What is an IAMT?scrabbler1 wrote:Back in 2008 my brother and I split the cost to have my dad's will updated (his wife, our mom, passed away in 1995) which included a POA, Health Care Proxy, and an IAMT which we put his house into....
http://biglerlaw.com/articles/news/Bewa ... ssets.html
Re: Cost of having an attorney draft a will
The article describes a trust in which the grantor retains the income, but not the principal. It's intended to protect the principal from Medicaid (after 5 years). It's commonly referred to as an income-only trust, but this is the first time I've heard anyone refer to it by the name you gave it.scrabbler1 wrote:An IAMT is an Irrevocable Asset Management Trust. This article describes it to some degree....
Re: Cost of having an attorney draft a will
My father paid $1800 for his will and living trust. In addition to creating the documents, they actually funded the trust. This was after mom had passed so it was for him only and not as complicated as a husband/wife setup. His assets were a house (<200K) and around 350K in fixed income investments. My thoughts were that this was on the high side but give him credit for doing something. His estate did avoid probate. It was evenly distributed to his 4 children, nothing complicated. Probate may have been cheaper in his case.
Best Wishes, SpringMan
Re: Cost of having an attorney draft a will
I am going to use Legalzoom. I should have done this years ago.
Re: Cost of having an attorney draft a will
I'd go, and did, with Nolo WillMaker for about $30.
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Re: Cost of having an attorney draft a will
Wow, DH and I need a will and trust set up. After seeing this, I think I'm going to subscribe to the legal services through work next year and get it done that way. I think a year of legal services will be about $300.
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Re: Cost of having an attorney draft a will
Check with some paralegal services in your area. They can do it much cheaper.
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Re: Cost of having an attorney draft a will
I am currently using willmaker, which I bought online for $30. The will that it gave me did not cater enough to my needs so I have been modifying and adding specifications where I see fit (mostly adding restrictions to the trustee of an orphaned child's trust). As long as you are doing a simple will (aka leave assets to spouse), I think you should go the independent route. I might pay to have a lawyer review it after I am finished just to ensure that it dots the i's and crosses the t's.
Re: Cost of having an attorney draft a will
It would be nice to know the following:
(1) Whether there will be one will or two, and if so, whether they will be virtually identical;
(2) Whether you're seeking additional estate planning/end of life type documents like medical powers of attorney, living wills, etc.
(3) Whether the will is likely to involve any kind of trust other than something really simple;
(4) Whether you have a large enough estate that you need to do special planning ie tax considerations.
At the beginning of my legal career, I prepared hundreds of wills and related documents. The majority of the time these were super simple, and including the interview with the client, I could wrap up my work in about an hour and a half, sometimes less, sometimes a little more. It also required some work with paralegals, notaries, etc., but my time wasn't required. I didn't bill for this (I prepared these wills for free in my particular job) but it gave me insight into how long this should take. Your price range ball park is going to be about $500/$1000 for the simpler things, and can be in the several thousands for complex estates.
This is an area where if you have a very simple estate, you don't take on too much risk by trying to be thrifty and save a few bucks and get a good deal--it's not really "you get what you pay for" with the very simple wills. All things being equal, you won't get anything more for $1000 than you would for, say $600 in those situations (although the quality of lawyers varies widely of course). But if you have a somewhat complex estate or have tax considerations, you definitely DO get what you pay for, and trying to save a few hundred or a few thousand dollars at the front end could cost your estate many many times this amount.
(1) Whether there will be one will or two, and if so, whether they will be virtually identical;
(2) Whether you're seeking additional estate planning/end of life type documents like medical powers of attorney, living wills, etc.
(3) Whether the will is likely to involve any kind of trust other than something really simple;
(4) Whether you have a large enough estate that you need to do special planning ie tax considerations.
At the beginning of my legal career, I prepared hundreds of wills and related documents. The majority of the time these were super simple, and including the interview with the client, I could wrap up my work in about an hour and a half, sometimes less, sometimes a little more. It also required some work with paralegals, notaries, etc., but my time wasn't required. I didn't bill for this (I prepared these wills for free in my particular job) but it gave me insight into how long this should take. Your price range ball park is going to be about $500/$1000 for the simpler things, and can be in the several thousands for complex estates.
This is an area where if you have a very simple estate, you don't take on too much risk by trying to be thrifty and save a few bucks and get a good deal--it's not really "you get what you pay for" with the very simple wills. All things being equal, you won't get anything more for $1000 than you would for, say $600 in those situations (although the quality of lawyers varies widely of course). But if you have a somewhat complex estate or have tax considerations, you definitely DO get what you pay for, and trying to save a few hundred or a few thousand dollars at the front end could cost your estate many many times this amount.
Re: Cost of having an attorney draft a will
Does anyone know what is the cost to create a revocable trust for Washington State? I would like to draw a trust including will, estate planning, and create a trust for banking. I don't know if it's called Revocable Trust but I really need one for my family. Thanks.
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Re: Cost of having an attorney draft a will
If you are income or asset-limited, and plan on having a very simple will, consider calling up your local law school and asking if they have a legal aid clinic that does this sort of thing. The cost would be pretty minimal, and although the work would be done by a law school student, it is generally reviewed by a licensed attorney.
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Re: Cost of having an attorney draft a will
Just because you drafted a will doesn't mean it complies with state law. If the will has a defect it will cost a lot $ to hire an attorney to have the court approve the revisions or if the will is thrown out result in the property be distributed under the rules of intestacy.BrandonBogle wrote:I drafted one for my mom, but finding two independent witnesses and getting a self-proving affidavit (Florida) has been a challenge. Just about ready to pay a lawyer for a very basic one simply because of waitbesses and notary services they would provide!
Also most states permit simplified probate proceedings for wills that are drafted by an attorney and are executed in his presence. After the will is signed by the testator and witnesses the witnesses and attorney sign an attestation affirming that they witnessed the signing of the will and that the testator appeared to be of sound mind and the attorney attests that the will was executed under his supervision in accordance with state law. The court will accept the will as being validly executed and will not request that the executor locate the witnesses who may have signed the will many years ago (or may be dead) to have them attest to the signing of the will or even worse making them making them testify in court and having the estate pay for their appearance.
Reason for having an attorney draft the will and supervise the execution is to eliminate delays in having the court approve the will or having the will declared invalid which will result in the property being distributed under the rules of intestacy.
Cost of will depends on may variables such where you live, the type of property owned, whether the attorney provides estate planning/tax advice, additional documents such as a trust, etc.
Re: Cost of having an attorney draft a will
Just a reminder - be sure all the beneficiaries on retirement accounts, life insurance policies, etc are up to date after things like deaths, divorces, remarriages, or births of kids or grandkids.
These are separate from the will and at least as I understand it they take precedence to what is in the will and many people will have more in these types of accounts than in a will.
These are separate from the will and at least as I understand it they take precedence to what is in the will and many people will have more in these types of accounts than in a will.
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Re: Cost of having an attorney draft a will
This is exactly what we basically are looking for. We have a will in accordance to Florida statutes, have a self-proving affidavit for the witnesses, but finding impartial witnesses and a notary willing to notarize a will-related document has been the challenge.manwithnoname wrote:Just because you drafted a will doesn't mean it complies with state law. If the will has a defect it will cost a lot $ to hire an attorney to have the court approve the revisions or if the will is thrown out result in the property be distributed under the rules of intestacy.BrandonBogle wrote:I drafted one for my mom, but finding two independent witnesses and getting a self-proving affidavit (Florida) has been a challenge. Just about ready to pay a lawyer for a very basic one simply because of waitbesses and notary services they would provide!
Also most states permit simplified probate proceedings for wills that are drafted by an attorney and are executed in his presence. After the will is signed by the testator and witnesses the witnesses and attorney sign an attestation affirming that they witnessed the signing of the will and that the testator appeared to be of sound mind and the attorney attests that the will was executed under his supervision in accordance with state law. The court will accept the will as being validly executed and will not request that the executor locate the witnesses who may have signed the will many years ago (or may be dead) to have them attest to the signing of the will or even worse making them making them testify in court and having the estate pay for their appearance.
Reason for having an attorney draft the will and supervise the execution is to eliminate delays in having the court approve the will or having the will declared invalid which will result in the property being distributed under the rules of intestacy.
Cost of will depends on may variables such where you live, the type of property owned, whether the attorney provides estate planning/tax advice, additional documents such as a trust, etc.
And I am fine with paying for a lawyer for it at this point. Her will is basically my will that a lawyer (prepaid through work) prepared with the filled in blanks being her info. It's only two pages and basically assigns me as executor with 100% of everything going to me. Our durable power of attorney and health care surrogate paperwork have long been done and used (I have full signing authority for her at her bank and all her investment accounts and have previously enforced my health care control). And I'm an only-child, so there is no concern about another family member challenging the will. No spousal changes either, mom has been divorced over 21 years.
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Re: Cost of having an attorney draft a will
This may be a good example of where someone doesn't even need a will, in that if the estate would be distributed the same way under a will or through intestacy, the value of obtaining a will is questionable.BrandonBogle wrote:It's only two pages and basically assigns me as executor with 100% of everything going to me. Our durable power of attorney and health care surrogate paperwork have long been done and used (I have full signing authority for her at her bank and all her investment accounts and have previously enforced my health care control). And I'm an only-child, so there is no concern about another family member challenging the will. No spousal changes either, mom has been divorced over 21 years.
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Re: Cost of having an attorney draft a will
Sadly, I've heard Florida probate takes forever without a will. Thankfully, even in that event, it would only tie up the house, car, and personal belongings. All accounts already have me as POD/TOD or JTWRS.
Re: Cost of having an attorney draft a will
You can't probate the Will in Florida (or anywhere else) if there is no Will.BrandonBogle wrote:Sadly, I've heard Florida probate takes forever without a will. Thankfully, even in that event, it would only tie up the house, car, and personal belongings. All accounts already have me as POD/TOD or JTWRS.
If there is no Will, a family member will file a petition for administration, and will be appointed administrator (or personal representative in Florida). The procedure is pretty much the same as if you were probating the Will. It's not particularly difficult, expensive or burdensome in Florida.
Re: Cost of having an attorney draft a will
monrab wrote:Does anyone know what is the cost to create a revocable trust for Washington State? I would like to draw a trust including will, estate planning, and create a trust for banking. I don't know if it's called Revocable Trust but I really need one for my family. Thanks.
Please post here what you find out. We are looking to get the same done and feel like I am buying a used car talking to area lawyers. I called our lawyer that did our documents in the late 1990's for revisions. He advised that the State law had changed and we need a complete revision. I think his secretary would plug in the info and print it out, can't imagine why he wants $1500 for the wills, medical directives, living will. I smell a scam based on fear and think this is just a cash cow for the lawyers. I know probate is another cash cow.
I spoke to LegalZoom and they advised that many lawyers in my area call them or use their site to actually prepare the documents. It is not rocket science especially if most/all liquid assets are in IRA's which pass directly anyway. Must be a better alternative. No doubt some lawyers on the board will claim it is essential, but my question is why should I pay $750/hr? Because it is the 'going rate' is not a good answer.
_D_
Truth and clarity are important in all things...
Re: Cost of having an attorney draft a will
This is true for self proving affidavits whether or not an attorney drafts the will.Also most states permit simplified probate proceedings for wills that are drafted by an attorney and are executed in his presence. After the will is signed by the testator and witnesses the witnesses and attorney sign an attestation affirming that they witnessed the signing of the will and that the testator appeared to be of sound mind and the attorney attests that the will was executed under his supervision in accordance with state law. The court will accept the will as being validly executed and will not request that the executor locate the witnesses who may have signed the will many years ago (or may be dead) to have them attest to the signing of the will or even worse making them making them testify in court and having the estate pay for their appearance.
Re: Cost of having an attorney draft a will
we paid $1000 in a major midwest metro area.
i think we met two or three times with the atty.
i think we met two or three times with the atty.
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Re: Cost of having an attorney draft a will
$399 for simple trust, will, Power of Attorney, and healthcare directive in high COL California area.
Re: Cost of having an attorney draft a will
Does that mean one can potentially draft all the documents via Legal Zoom & execute self proving affidavits on our own without an attorney? How would one go about doing that if that's the case? How did you do your will Geoff?Geoff wrote:This is true for self proving affidavits whether or not an attorney drafts the will.
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Re: Cost of having an attorney draft a will
I just did our will (somewhat complicated, includes trusts for the kids and a survivor trust for my wife) and my mother-in-law's (rather simple and straightforward). The two wills, including the trusts, cost us about $2500.
Don
Re: Cost of having an attorney draft a will
Story about someone who had a will done online, but didn't follow Oregon law with respect to witnesses and having the signings notarized. No idea what kind of information/advice the online legal company imparted.
Estate done
The little details count. Make sure you fulfill them.
Note: I knew Bill from when he ran a bookstore and a friend worked there.
Paul
Estate done
Needed two signatures.Bill did his will about six years ago and I remember three of us witnessed it over at his friend’s Larry Woodside’s home. Larry and Bill often traveled to conventions together and they exchanged wills saying if one of them died, the other would get his pulp magazines. Both had extensive pulp magazine collections.
So the day after Bill died, I sat down in his chair and started through the piles of paper beside his chair that he had said the will was in. After two days of searching, I found a will. It only had Larry’s signature on it, but honestly I didn’t think much about that. I figured Bill and Larry had redone it at some point and it was basically the same as I remembered. So I made an appointment with an attorney and showed him the will the next day. He flipped it back to me and said, and I quote. “It’s not valid.”
What happens if it's not correct in this case:So another will just had to be there in the piles of paper somewhere. So back into the stacks of paper I went and another two days later I had found two more wills. Both with enough signatures, thankfully. Both with the same terms. One just dated about six months after the other.
So I took the most recent will to my attorney here on the coast and he glanced at it and said, and I quote. “It’s not valid.”
The reason? The witness signatures had not been notarized.
Bill died in Nevada so the executor had another state available for probate.You see, in Oregon, intent of the dead person does not matter. And a will must have at least two witnesses. And since Bill had no relatives, if his will didn’t hold, the State of Oregon would get everything.
The little details count. Make sure you fulfill them.
Note: I knew Bill from when he ran a bookstore and a friend worked there.
Paul
...and then Buffy staked Edward. The end.
Re: Cost of having an attorney draft a will
That is my understanding.semperlux wrote:
Does that mean one can potentially draft all the documents via Legal Zoom & execute self proving affidavits on our own without an attorney? How would one go about doing that if that's the case? How did you do your will Geoff?
I had a traveling notary come to our house and had two neighbors act as witnesses. The signatures on the will itself were not notarized. The signatures on the self proving affidavit were.
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Re: Cost of having an attorney draft a will
Need to comply with state law provisions regarding witnesses who sign self proving affidavit. Having wrong person witness the will can create problems.Geoff wrote:That is my understanding.semperlux wrote:
Does that mean one can potentially draft all the documents via Legal Zoom & execute self proving affidavits on our own without an attorney? How would one go about doing that if that's the case? How did you do your will Geoff?
I had a traveling notary come to our house and had two neighbors act as witnesses. The signatures on the will itself were not notarized. The signatures on the self proving affidavit were.
http://richardsesq.wordpress.com/tag/se ... -affidavit.
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Re: Cost of having an attorney draft a will
Diogenes is such a Cynic.Diogenes wrote:monrab wrote:Does anyone know what is the cost to create a revocable trust for Washington State? I would like to draw a trust including will, estate planning, and create a trust for banking. I don't know if it's called Revocable Trust but I really need one for my family. Thanks.
Please post here what you find out. We are looking to get the same done and feel like I am buying a used car talking to area lawyers. I called our lawyer that did our documents in the late 1990's for revisions. He advised that the State law had changed and we need a complete revision. I think his secretary would plug in the info and print it out, can't imagine why he wants $1500 for the wills, medical directives, living will. I smell a scam based on fear and think this is just a cash cow for the lawyers. I know probate is another cash cow.
I spoke to LegalZoom and they advised that many lawyers in my area call them or use their site to actually prepare the documents. It is not rocket science especially if most/all liquid assets are in IRA's which pass directly anyway. Must be a better alternative. No doubt some lawyers on the board will claim it is essential, but my question is why should I pay $750/hr? Because it is the 'going rate' is not a good answer.
_D_
Re: Cost of having an attorney draft a will
I'm single and live in Pennsylvania. Two years ago I had an attorney prepare a will, living will, and Power of Attorney for $240.