What is the Average Cost of a Will and Trust?

The average cost of a will and trust varies based on the situation. A simple will could cost hundreds of dollars. Meanwhile, an individual trust could cost thousands of dollars. The complexity of a will or trust and other factors can determine what you’ll have to spend for either of these legal documents. 

Speak with a wills and trusts lawyer in Boca Raton if you want help with estate planning. Your attorney will detail the average costs of a will and trust. In addition, they can walk you through the process of setting up a will or trust that will financially protect your family. 

What is the Average Cost of a Will?

On average, a will is more economical than a trust. You could pay a few hundred dollars for a simple will, which provides a basic outline of how you want your assets to be distributed after you pass. Alternatively, an attorney-drawn will that complies with Florida law and accurately reflects your wishes could cost you thousands of dollars. 

Cost is certainly a valid consideration with wills and trusts in Florida. However, if you want a will and cut corners when you’re putting it together, you could make mistakes. Thus, your will may include ambiguous language that makes it tough for it to be executed properly. 

Meet with an estate planning attorney as you weigh your options with wills and trusts. Your lawyer can explain the difference between a will and a trust in Florida. If you decide to move forward with a will or trust, your attorney can craft one that secures your assets how you choose.  

For a free legal consultation, call 561-955-8515

What is the Average Cost of a Trust?

Generally, a trust costs more than a will. You may have to pay $1,000 or more for a revocable living trust that holds ownership of your assets while you maintain full control over them during your lifetime. A comprehensive or complex trust could cost several thousand dollars.

Ultimately, you have a lot to think about relative to the average cost of a will or trust, and which of these options will work well for you and your family. Let estate planning lawyers who’ve received dozens of positive client testimonials help you make an informed decision regarding a will or trust.

Your lawyer can answer any questions you have about wills and trusts and help you assess the pros and cons of each option. Plus, they can provide insights into the Florida Probate Code and how it applies to wills and trusts.

Should I Get a Will or a Trust?

Ask for help from estate planning attorneys if you’re unsure about whether it is better to have a trust or a will. Outside of the average cost of getting a will or a trust, your lawyer will encourage you to consider various factors, including: 

• Probate avoidance: Probate is a court-supervised legal process in which a deceased person’s estate is settled, their debts and taxes are paid off, and their assets are distributed to their beneficiaries. A will requires probate, while a trust allows you to avoid it altogether. 
• Privacy: A will becomes public record, which means anyone can view your beneficiaries and assets. Comparatively, a trust is private, and its details remain confidential. 
• Estate size and complexity: If you have a large estate or a complicated financial situation, a trust may be a superior option to a will. 
• Incapacity planning: A trust gives you a built-in plan for asset management if you become incapacitated. On the other hand, a will only takes effect after death.
• Minor children or beneficiaries with special needs: With a will, you can name a legal guardian for your minor children. By using a trust, you can manage long-term, conditional, or “staggered” distributions to beneficiaries or protect beneficiaries with special needs.
• Control and flexibility: A trust will give you more control over when and how beneficiaries receive assets than a will.

Your wills and trusts attorney will provide personalized estate planning solutions tailored to the needs of you and your family. On top of that, they will give you the peace of mind that comes with knowing that your will or trust has been set up properly and that your loved ones will be taken care of the way you want. 

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Learn More About the Average Cost of Wills and Trusts

Resist the urge to make a quick decision regarding a will or trust based on cost. Have wills and trusts lawyers evaluate the specifics of your situation. From here, your attorney can explain whether a will or a trust is the optimal option for you and your family. 

The legal team at The Siegel Law Group, P.A. has 100 years of combined experience. Our estate planning attorneys know what can happen if you don’t plan for life’s biggest challenges. If you want information about the average cost of a will or a trust, we’re here to help. Furthermore, we can prepare your will or trust in accordance with your specifications. Contact us today. 

Call or text 561-955-8515 or complete a Free Case Evaluation form