How Much Does a Will or Trust Cost?

You've priced it in your head based on what lawyers charge, and the number is part of why this keeps sliding down the list.

The cost of doing nothing is usually higher. Probate expenses, court delays, and family disputes come out of what your loved ones inherit, at the worst possible time to be dealing with any of it.

What it actually costs

With an attorney, a will typically runs from several hundred dollars to a few thousand, and a trust based plan more than that. With Inhira, a real will is free, forever, no credit card. Complete notarized plans and trust based plans are one time prices with no subscription. See current pricing at inhira.com/pricing. Whatever route you choose, compare it against the cost of the state's default plan, because that one isn't free either.

The Cost of Probate vs. Planning Ahead

Imagine you own a $420,000 home in Ohio, with two kids from a prior marriage and no estate plan in place. If you pass away, your assets might go through probate, the court process that distributes your assets after death. In Ohio, probate can eat up to 4% to 7% of your estate value in fees, or $16,800 to $29,400 for your home alone. Not to mention the heartache and hassle for your family, caught in a lengthy process that can last months to years.

Advance planning with a will or trust often costs less than the potential probate fees. Drafting a will can be as simple as designating a guardian for your children, outlining asset distribution, and using a service like Inhira to finalize it in one sitting, where your state allows.

DIY Estate Planning: What You Need to Know

Many people consider DIY estate planning as a cost-effective alternative to hiring an attorney. A valid will or a simple revocable living trust can handle straightforward situations well. But DIY options vary in quality—some might not cover your state's specific requirements, risking invalidation.

When choosing a DIY platform, ensure it offers attorney-reviewed documents, is updated to your state's laws, and provides notarization options where your state allows. A basic will can cost next to nothing with platforms that offer free options, significantly reducing your upfront costs. However, more complex needs, like multi-state properties or special asset arrangements, may require more comprehensive packages.

Understanding Trusts: When Are They Worth It?

Trusts aren't just for the ultra-wealthy. Consider creating a trust if you have substantial assets or specific wishes for distributing those assets posthumously. For instance, if you hold multiple properties across different states, a trust can streamline management and bypass probate entirely.

A trust-based plan can run significantly higher than a will, often exceeding $1,500 when crafted by a lawyer. Yet, a trust offers privacy, as it doesn't enter public records via the probate process, unlike a will. It also empowers you to dictate terms for disbursing funds or assets over time, making it a versatile choice for complex estates.

Common questions

Q: What costs are associated with probate? A: Probate costs include court fees, executor fees, and attorney fees, usually 4% to 7% of the estate's value.

Q: Why choose a trust over a will? A: Choose a trust if you have substantial assets or wish to avoid probate. A trust provides privacy and control over asset distribution.

Q: How does a DIY will differ from an attorney-drafted one? A: A DIY will can be cost-effective but might miss state-specific requirements. Attorney-drafted wills are thorough but more expensive.

Q: Can a will cover multi-state properties? A: A will can address multi-state properties, but a trust is often more efficient for complex estates with properties in multiple states.

A lot of that cost is probate. Read What Is Probate, and Why Does Everyone Avoid It?.