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Expenses to expect when making a will

On Behalf of | Jul 10, 2022 | Estate Planning

Most residents of New York seeking to create 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 creating your will.

Creating the first draft of the will yourself

The more heirs that you have and the more assets that you own or control, the more involved a process it will be to develop a complete list of the people and things that should be included in your will. The bright side is that developing this list is a task you can complete on your own, potentially saving 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. A properly constructed estate plan can provide peace of mind for your loved ones and for yourself.