The Average Cost of Preparing a Will

Will preparation can be an uncomfortable subject to deal with; the mere topic as well the language terminology can be challenging and intimidating. There are various options when preparing a Will along with it’s associated cost.

Attorney Michael Ettinger on Elder Law Estate Planning

Last Wills and Testaments

Last will and testament is a legal document that declares how an estate or property will be managed after the writer’s death. Although it is not the most pleasant subject to approach, it is essential for people to draft a will to ensure that their assets are handled in a satisfying way.

A will is a legal document that, when accepted by a probate court, is proof of an intent to transfer property to the persons or organizations named in the will upon the death of the maker of the will. The maker of the will is known as the testator. A will is effective for the transfer of property that is owned by the testator upon his or her death. A will can be changed, modified, or revoked at any time by the testator prior to his or her death.

It is equally important to understand that in order for a will to be valid, it must generally be prepared, witnessed, and signed according to certain technical legal procedures. Although a will is perfectly valid if it is written in plain English and does not use technical legal language, it must be prepared, witnessed, and signed in the manner outlined in the instructions that are provided. You cannot take any shortcuts when following the instructions as they relate to the procedures necessary for completing and signing your will. These procedures are not at all difficult and consist generally of carefully preparing your will in the manner outlined later in the instructions, signing it in the manner specified, and having witnesses and/or a notary public also sign the document.

There is no perfect time to write a last will and testament. However, parents should create wills with provisions for their children. Those individuals concerned about their personal property upon their deaths should create wills as an assurance that their loved ones will be provided for upon their passing. A last will and testament should be updated when circumstances change, such as the death of a spouse or the birth of a child.

1. What Constitutes the Cost of a Will

   • The primary cost driver for the preparation of a Will is the complexity of the estate. If you are a single person with no children and few assets, the Will is fairly straightforward and inexpensive. If you are a millionaire with a number of heirs and numerous charities you want to give money to, the cost Will be much higher. If you have a number of items you want to give to individuals, this also will drive up the cost.

   Attorneys – Basic Will

   • If your estate is more complicated, or if you do not feel comfortable with preparing these types of documents yourself, you can hire an attorney. The cost will vary depending upon the complexity of your estate; but for a basic Will you can expect to pay a flat rate of between $200 and $800 upwards.

   Attorney – Complex Estate

   • For a complex estate, the cost of preparing a will can be quite expensive. Most lawyers charge between $75 to $500 per hour. This type of Will usually includes a power of attorney, a trust, a pourover will, and a medical/patient advocacy document, or living will. The cost of a more complicated and customized Will can run between $1,000 and $3,500 upwards.

   • Do-It-Yourself

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     One option when preparing a Will, is to do it yourself. There are online resources like LegalZoom.com that provide Will templates. The cost is about $70 to $120 for these tools. There are also software packages like Quicken WillMaker Plus that you can buy for less than $50. These are similar to tax preparation software options. There are also books available such as “We The People’s Guide to Estate Planning : A Do-It-Yourself Plan for Creating a Will and Living Trust” by Ira Distenfield, Linda Distenfield and Bill Lockyer, which provides information on how to handle your own legal filings. This book is available for about $20 and other similar books can be purchased for between $10 and $200.

   No Will

   • The last option is to not create a will at all, which will cost you nothing — right now. In the long run, it could cost your estate quite a bit more than the preparation of a will. Dying without a will is called dying intestate. A state probate court will decide how your assets are divided according to the law, not according to what you want. This means any assets you have at the time of death, like a house, might be sold and the money divided among spouses and children. Custody of children also will be arranged. The state will take between 3 and 7 percent of the estate to pay for their expenses. The process easily can take more than a year to finalize.

     FAMILY TRUST

     Plan ahead be prepared

     wikipedia.org/wiki/Estate_planning

     COST OF A WILL

     Why Gold and Silver

     Gold generates no income and offers no yield. It is an inert metal. And many gold owners pay to store it.

     Why in the world would an investor own such a thing?

     There are two good answers to that question: one for long-term ownership, and one for ownership right now.

     As famed speculator Doug Casey has long pointed out, there’s nothing magical about gold. Every element eventually finds its best use. Aluminum is best for airplanes. Uranium is best for nuclear power. Paper is best for books.

     • Among the 92 naturally occurring elements in the earth’s crust, gold is the one best suited for use as money.

     One trait that makes gold best suited as money is longevity—it lasts forever. Literally. The same gold hauled around by King Tut can be melted and recast into beautiful American Eagle gold coins, with almost zero waste and no loss of luster.

     Gold is deeply embedded in our psychology as humans. It’s instinctual—most people readily understand gold’s value when they just hear the word.

     When you hold gold in your hand, you are convinced.

     “The desire for gold is the most universal and deeply rooted commercial instinct of the human race.” —Gerald Loeb, a founder of E.F. Hutton

     Gold also has industrial uses, but you can’t really label it a commodity like, say, pork bellies or wheat.

     Gold is a beautiful adornment and has been sought for status and vanity for centuries. But jewelry demand has little impact on its price.

     Gold is money, period.

     Once an investor understands that concept—sees it as the ultimate store of value and not as a commodity or adornment—the need to own it becomes clear.

     One of the most convincing cases on why gold is money comes from Mike Maloney in his Hidden Secrets of Money series.

     Once you watch episode one, the lightbulb clicks on for most people. It answers the big picture question of “why gold.”