If you have a family –whether yours is a family of two or many –creating a Last Will and Testament (will) is one of the most caring things you can do for them. With your will, you can help protect your loved ones financially, mitigate the Internal Revenue Service tax implications of your estate (or assets) in general, address issues regarding your health care in the event you are incapacitated, and assign a guardian for your minor children should the need arise. Creating an estate plan demonstrates your commitment towards your family and to their ongoing well-being. Many people shy away from creating a will because they are intimidated by the legal expense, but you may be surprised to learn that the answer to –how much does a will cost?–is that it is likely more affordable than you think. If you are interested in learning more about what a will could mean for you and your family, the skilled estate planning attorneys at Ibekwe Law, PLLC (512-505-2753) have the experience and legal insight to help.
Your Legal Costs
A will that addresses your unique needs and intentions will be unlike anyone else’s, and there is no way to pinpoint exactly how much it will cost you to execute a will that suits your needs. While it is possible to create your own will for free, the fact is that without the skilled legal guidance of an experienced estate planning attorney on your side it can be overwhelming and legally challenging to cover all your legal bases and to achieve your exact legal and financial wishes.
Ultimately, the cost of having a reliable will executed for you that accomplishes all the goals you want it to accomplish will depend upon the size and complexity of your estate, the legal goals you have in mind, and the level of specificity you would like to include. While there are ways to help keep your legal expenses low, the benefits of having a will in place that inspires your confidence can prove invaluable.
Doing It Yourself
There are DIY options out there for nearly everything, and wills are no exception. Yes, it is possible to search through Google, find a template for your will, and attempt estate planning yourself. The results, however, will not be discovered until it is too late to override any unintended effects. When creating estate planning documents, they are final after your death, and therefore, doing it yourself may be a less-than-ideal choice. Consider the following:
- Every state has its own administrative requirements for wills, and when these are not followed exactly, it can render yours null and void.
- If the template you employ does not cover the issues you want to cover, inserting them yourself can prove to be problematic.
- Using a DIY will template requires you to jam your legal needs into a prearranged form that may leave you at a legal disadvantage from the outset.
A will is a critical legal tool, and –just like you would not dabble with electrical work in your home –tackling professional legal work of this magnitude yourself may not provide your family the results you wish after you pass away. In the end, the matter of how much a will costs is less important than the matter of what are your legal needs as they relate to your will. Your questions regarding what you actually need to accomplish through your estate planning, and how that can be achieved, are questions you can ask an experienced estate planning attorney at Ibekwe Law, PLLC.
The Elements of Your Will
When you think of your will, you likely think about how your estate, which amounts to your assets, will flow to your loved ones, but a will can be far more comprehensive than this. For example:
- Your will can address exactly who gets what upon your death (within the boundaries of the law regarding your spouse and your minor children’s inheritance rights).
- Your will can specify your wishes regarding your own health care in the event you are incapacitated.
- Your will can address the issues related to your child’s guardianship in the unlikely event that you and his or her other parent both pass away before the child becomes an adult.
- Your will can address your intentions regarding important financial decisions in the event you become incapacitated.
Your Will and Your Budget
When it comes to the budget for your will, keep the following basics in mind:
- Your will is one of the most important elements of your estate plan.
- A DIY will can save you time and money, but because it foregoes the careful legal guidance of a dedicated estate planning attorney, you have no way of knowing if your will can stand up to the legal rigors it will face when the time comes (and this is the reason for executing a will in the first place).
- The matters outlined in your will are likely to be far more complicated than you recognize and getting the details right is critical.
How Much Does a Will Cost? Reach out to an Experienced Estate Planning Attorney Today
While creating your own DIY will can save you money, it may be ineffective to meet your specific and individual financial and legal needs. At Ibekwe Law, PLLC, our knowledgeable estate planning attorneys are fully invested in helping you execute a will that addresses your estate planning needs in their entirety and that inspires the level of confidence you are looking for to safeguard your assets and your peace of mind. For more information about how we can help you, please do not wait to contact or call us at 512-505-2753 today.