How much should a will/trust cost?

A real one, done through a real lawyers office, etc etc. Not some LegalZoom template or up-jumped letter with a notary stamp.

I've got a wife, no kids (yet), a house, and net assets somewhere around $1m. Couple investment accounts, couple checking accts, an IRA, and some 401k's to track down etc. Am in Texas.

Met with a firm today that'll do $4900 for a will or $5900 for trusts. They came well-recommended, and I like the person I'd be dealing with, don't get the impression they're ripping me off or anything.

To boot, I don't really have a ton of time to shop around. I leave in 3wk for the NW200 and TT, and once I'm out of the country I obviously won't be able to sign the new documents. This place I met today said that's on the short end of their timeline but is definitely doable.

Just looking to un-sticker-shock myself at $6k to get this sorted. Is that within the "reasonable" ballpark?

 

No discounted legal services available via an employer provided service?

 

Ooh, I should look into that. We definitely do have stuff like that. Don't know if they could get it done in time however.

 

Can’t remember what I paid but that seems quite high.

 

Just leave it all to me and I'll take care of it, I promise. If you leave the world, I will make sure to have a "No Regerts" tat added to your chest before burial.

OH - I meant everything except the toilet snake. You are the guy with the toilet snake, yes? ;--)

 

All depends on how complicated your stuff is and how good the attorney and their location. But what you said seems about right. And is Tammy mentioned in the trust?

 

That seems really high but is it one of those cheap, fast and thorough deals where you can only pick 2 ?

 

Seems high to me. Way high. I would do one of those legal zoom things. Your situation sounds straightforward. If/when you have children, that’s when you cough up the cash to establish a relationship with a reputable law firm. Will, living will, POA, minor trusts, etc….

 

I'm sure you will be able to use DocuSign and not have to be there in person.

 

@tophyr Don't forget about Advance Medical Directive if you've not already done it.

 

You know, whether you die with a will or die intestate, it won’t be your problem…

But fer cereal, who do you intend to bequeath to other than your wife? IANAL, nor am I a lawyer, but I would suspect that TX probate law would send all your assets and liabilities to your wife without having to make a car payment for a lawyer.

 

My wife's employer had a deal for trust/will through their preferred legal group, and it was like 350. The lawyer who did it for us said they charge 3k for the service we got, so definitely look into the corporation services if you can.

 

Yea 3K sounds about right.

 

Sounds high to me for a basic package of a will, HCP, POA. Not everyone needs a trust. For basic stuff the attorney I refer clients to charges around a grand for that package. Trusts are a different animal.

 

This, all day.

Unless you're naming Tammy as a secondary (contingent) beneficiary in case your wife dies watching you race, that's obscenely expensive.

 

My folks had the ownership of everything they had set up as joint tenancy with right of survivorship. When my dad passed it all became solely my mom's. No probate, no fuss. You could do that yourself with all your major assets in a short time frame.

Obviously this doesn't do anything about the estate if you both pass. My take is you're more concerned with something happening to you short-term.

 

For will, trust, and advanced medical directive, my lawyer charged $5k about 3 years ago. For a good lawyer and a good trust all setup, I think it’s worth it. Having gone through an estate battle when my dad left no will and after $45k in legal expenses, I decided $5k is quite reasonable. If you don’t spend the money with a good plan now, someone else will have to spend your estate money to sort it out later. Therefore it’s better and cheaper for you to stipulate how you want things to go when you die.

A couple of things for consideration. Life insurance (sic death insurance) can/ will factor into your estate value / trust value. So don’t just count current net worth but rather what you’re worth when you die.

Two fun ideas: In our trust, we give money to each of our close family members for a trip to Hawaii to spread our ashes and to donate to a charity of their choice in our name. And the best part of our will / trust is that if I die, all my motorcycles and race equipment is to be sold and the proceeds donated to RRW Air Fence Action Fund.

I was going to start a thread at some point reminding people to get their estate shit in order because the legal BS and cost I had to go through for my dad’s estate was preventable with a simple will. But this as good a thread as any, get a will / trust if you haven’t already and make things easier for those you might leave behind one day. And put the RRW Action Fund as a beneficiary if you can!

 

Whomever said that the trust is a different animal is right. Biggest difference between the two being the ability to avoid probate with a trust involving passing assets to a non spouse (This is usually state specific).

If you have a net worth over $500k spread out over multiple assets and accounts it’s usually best to have a trust to spare whomever it may be the cost of probate. However, everyone’s situation is different and so that’s why the default answer is to shop around and find a reasonable attorney you trust to set it all up tailored to your specific situation.

While those prices sound normal, although a bit high, yes they can be shopped around for a better rate. However, there are some things in life (and death) worth paying a little more to have done right.

 

Should not cost more than $2k-$3k for Living Trust, Will, Health Care Directive and Power of Attorney.

 

I don’t have a trust or any of that. But my will was $250 about 10 years ago