How Much Does A Will Cost In Texas
Knowing how much it will cost you to make a Will, can give you peace of mind and allow you to focus on what you want to include in your Will. Your Last Will and Testament is a legal document that contains instructions for the distribution of your assets after your death. In the Will you can appoint an executor for your estate and list the names of the people you want to inherit your assets and more. The cost of a Will depends on the complexity of your requests. For example, if you have significant assets, a child with special needs, a blended family, or you would like to create a trust, you may have to pay more.
Will’s price For Individuals And For Couples
Lawyers often charge flat fees because it allows them to use the forms that they have already written, and because it makes clients more comfortable communicating with a lawyer than in a situation where they are charged per hour. A Will may cost less or a lot more than $650 depending on the experience of the attorney drafting the Will. For an individual the cost of a Last Will and Testament document is $450 making the total about $1,100. If you don’t have a lot of assets, a lawyer can draft you a Will for about $300.
Couples pay around $950 for drafting of the Will and $650 for the Last Will and Testament document. That means the total amount couples can pay can be about $1,600. Drafting a Will for a couple is obviously more complicated than for an individual.
Other Documents You May Need
The lawyer drafting your Will may advise you to make a few other estate planning documents in addition to your Will. These may include documents such as:
- Durable Power of Attorney
- Living Will
- HIPAA Authorization
- Medical Power of Attorney
- Appointment of A Guardian
- Directive to Physicians
The cost of drafting each of these documents for a couple or an individual is often equal to that of drafting a Will for a couple or an individual. The actual documents cost less than $200 with some costing as low as $50. You can pay conveniently online.
Creating A Trust
If a Will is not right for you, then you should consider creating a living trust. Creating a trust can cost as much $2,500 but remember that trusts don’t go through probate after you die. Trusts can be used to hold assets for the benefit of designated heirs or beneficiaries. The person creating the trust appoints a trustee to manage the trust according to the terms of the trust.
A trust can start being effective when the person creating the trust is alive and then be terminated after the person who created it dies or remains effective after the death of its creator. Living trusts are an example of trusts that operate during the trust creator’s lifetime and terminate after death. All the assets put into the trust are owned by the trust not the heirs.