What Expenses Should You Expect When Making a Will?

Ingold's Insights - What Expenses Should You Expect When Making a Will - Rupp Pfalzgraf

Most residents of New York seeking to make a will are interested in the associated costs. Proper planning can usually ensure that you stay well within your budget. Here are the main options that you have when making a will.

Creating the first draft of the will yourself

The complexity of the process depends on how many heirs you have, and how many assets you own. You’ll need to develop a complete list of the people and things that will be included in your will. The bright side is that developing this list is a task you can complete on your own. This can potentially save significant costs, even if you hire an estate planner later on in the process.

The DIY method compared to hiring an experienced estate planner

You can create a legally valid will with one of the many do-it-yourself estate planning guides or kits available on the market today. A high-quality option usually costs no more than $100.

Using a DIY kit for the entire process also saves you the time of scheduling and attending meetings with an estate planner. The downside of using the DIY method, of course, is that you won’t have access to experience and expertise. Depending on the complexities of your situation, you can expect fees of anywhere between $100 on the very low end and $1,000 or more on the high end to have a qualified estate planner draft your will.

The more research that you do up front to clarify your objectives before meeting with your estate planner, the less time and money that you will likely end up spending on making a will. A properly constructed estate plan can provide peace of mind for your loved ones and for yourself.