How much did you pay for your will?

[runwad]

DH and I just got a will a POA & Durable Health Care Power of attorney. We have 3 kids so we also have some guardian papers, but maybe those are part of the will? Anywho we live in a small town, had a lawyer do them and he charged us $150 for everything.

Oh and for someone who asked about a trust. My mom passed away in august and she didn't have a trust but had all her investments and bank accounts Payable on Death(or is it Transfer on Death??)....then named us kids...had the same thing on her house..no probate for us. We just had to split everything equally.

 

[AllesonWonderland]

You need to pay close attention to the state requirements. For instance in our state the Wills must be witnessed by 2 persons who are not named in the will and also usually notarized.

Glad I read this thread, we went the 'do it yourself' route awhile back. Had our neighbor come over since he was a notary. But--DH and I signed as 1 of each other's witnesses...now I see that's a no no. We'll have to get them redone ASAP. (Needed to get them redone anyway because we relocated to a different state.) Thanks for the info!

 

[Disney1976]

As much as I know everyone needs to have a will - whichever way they choose to do them - isn't it more important to have a trust so your estate doesn't go to probate? I'm working on trying to understand all this.

Not necessarily. Generally speaking, 95% of people don't need a trust. It really depends on what type of assets you have (and how much!) but as an informal rule, unless you have substantial assets, I wouldn't recommend one, because you'd just be wasting your money. As a pp mentioned, probate doesn't have to be scary, it is simply the process of settling your estate. What you DON'T want is to die intestate, or without a will, because then the state will decide what to do with your property.

Also, keep in mind if you already have wills in one state and you move, you may NOT necessarily need new documents -it depends on the requirements in that state, and each state is different. Only a licensed attorney in that state could tell you for sure.

I also agree with the previous poster who cautioned against "do it yourself" forms -for estate planning or anything else. I have seen my fair share of documents cross my desk from people who thought it would be cheaper to go it their own, or hire a "paralegal" service, etc., but the documents have poor wording, incorrect language, are vague, or are otherwise invalid because they were executed improperly or are the wrong forms entirely! Legal language is a veritable minefield, where a simple error, like replacing the word "and" for the word "or" can have dire financial and other consequences.

Only a licensed attorney should draft legal documents for you, because they are ones most familiar with the laws of your state and can take the time to explain terminology, answer questions, and explain how the process works. They can also help you decide if you need just a will, or a trust, and what kind of trust (Irrevocable, Marital, Revocable, Charitable, ILET, etc).

While prices can vary greatly based on your particular area, $500 for a couple to do both Wills, Powers of Attorney (I think they are very necessary documents, personally), Health Care Surrogate Designations and Living Wills is a great deal. Trusts will run substantially higher.

 

[wayneg]

Wow can't believe costs over there. I thought we had expensive legal fees in UK but we did ours will recently, £75($150) for both of us. I guess it depends on work involved. Ours was all very simple, 15 mins with solicitor.

 

[christiane]

I was the highest bidder at a silent auction. Will & Power of Attorney (financial & health) for my husband & I for $100!!

I felt a little guilty about this though and donated some extra funds to the charity holding the fundraiser. The lawyer who donated the item actually asked me what I paid for it and I was embarrassed to tell him.

In my town every spring several lawyers donate their time as a fundraiser for the Easter Seals. I think they charge ~$200 for a simple will and the charity gets about 1/2 of that.

 

[fireworks fan]

We were recently quoted $1500 for a trust with POA, living wills, guardianship. It still seems steep to me, but our family keeps encouraging us to go forward with it.

 

[CEDmom]

We paid $250 about 7 years ago. We do have a child though. The fee included our wills, living wills and power of attorney.

 

[Disney1976]

We were recently quoted $1500 for a trust with POA, living wills, guardianship. It still seems steep to me, but our family keeps encouraging us to go forward with it.

That's a pretty good deal for a trust package, IMHO. Depends on where you live though, what the going rates are for other attorneys in the area, etc. It wouldn't be that cheap by me.

 

[CruisinEars]

Wow, you all have some good prices for your wills. We paid $700 this past year and the attorney is an old friend of my dh. We did some estate stuff though so that might have increased the cost. But we felt he was thorough and that we and the kids are taken care of if anything bad happens.