How Much Do You Charge for a Will?
That's a question we hear frequently from callers to the office. While we like to be able to answer that question quickly and easily, that's not possible. My favorite lawyer's answer applies: "well, it depends." Depends on what, you ask? Here are some of the factors that impact the fee for a Will:
- Are you married?
- Will your spouse be doing planning as well?
- Are you in a second marriage with children from a prior marriage?
- Are you separated but not divorced?
- Do you have a settlement agreement?
- Do you have a prenuptial agreement?
- What are your obligations, if any, upon your death?
- Do you have minor children?
- Do you have any elderly or disabled family member you wish to provide for?
- What's the total value of your estate?
- What are the values of the individual assets?
- Do you own real estate?
- Where's it located?
- Do you own joint property?
- With whom?
- Do you have any life insurance?
- Who's the beneficiary?
- Do you have retirement accounts?
- Who's the beneficiary?
- Do you own a business?
- Have you made large gifts in the past?
- Do you have any debts or other financial obligations that will survive your death?
Then there are other questions to consider:
- Have you considered a living trust to provide privacy and avoid probate?
- What about Durable Powers of Attorney, Health Care Powers of Attorney, Living Wills and HIPAA Authorizations? For some, these documents are more important than a Will.
- Do you want to protect your heirs from creditors, predators and mismanagement of the inheritance?
- What's the best way to handle estate tax planning (looking toward 2011 and a possible reduced exemption of $1 million).
- What's the best way to handle charitable gifts from an income and estate tax standpoint?
- What about advice and counseling about the process and pieces of estate planning
As you can see, it's virtually impossible to quote a one-size fits all fee for a Will (or complete estate plan, for that matter). Any law firm who does that will most likely be providing a cookie cutter Will that doesn't fully address your particular situation. And online and software do-it-yourself Wills are even worse!
My advice is to make sure you have a lawyer who specializes in estate planning assist you with your estate plan. Isn't it worth the time and cost to ensure that you and your family are fully protected?
