Is $5 - $7K to have a will drafted and trust established reasonable?

[Anonymous]

I am in the process of setting up a new will and living trust following a divorce. I have young kids and a decent but by no means complex set of assets - life insurance, home, savings, and retirement - that my kids would inherit. But I'm not rich and we're not talking multiple properties or yachts or anything beyond ensuring that my kids are taken care of in the event I die while they are young, have money for college, and something to get them started in young adulthood.

I got a quote from an attorney that the total for drafting a will and establishing a trust would be $5 - 7K. That is much higher than I expected, but is that what this typically costs?

My current will and trust were drafted about 10 years ago, but through a corporate legal program, so I only paid a tiny amount for that.

Welcome any guidance. Thank you!

[Anonymous]

Our quote was in the same ballpark.

[Anonymous]

Is there no way to do this without an attorney, but just have the paperwork notarized? I'm shocked it's that much.

[Anonymous]

That seems insane.

[Anonymous]

Yes, that is pretty par for the course.

Don’t be like my friend’s dad. He paid a lawyer $200 for a will that was full of typos and ended up creating a mess after he died. The lawyer gave some bad advice without asking him appropriate questions first to figure out what would be the best way to settle his estate.

Luckily my friend has a sense of humor and regales me now with stories of the crazy things going on with her dad's estate, but it didn’t have to be this way and would have been a better situation for all his beneficiaries if he’d had better advice for his will.

[Anonymous]

So, I'm not saying "do it yourself" - although you can and it's not that hard.

But, before you pay that amount, get these books and read through them:

https://store.nolo.com/products/quick-and-legal-will-book-quic.html

https://store.nolo.com/products/make-your-own-living-trust-litr.html

You probably can find both of these at your local library in which case it will cost you nothing but your time. Worse case scenario: you'll be much better informed about what to expect going in, what questions you need to ask/understand and what the end result should look like.

Good luck and please report back on your experience/decision.

[Anonymous]

Anonymous wrote:Is there no way to do this without an attorney, but just have the paperwork notarized? I'm shocked it's that much.

If you’re not doing anything unique, legal zoom will ask a few questions and the give you the documents to sign and get witnessed and notarized for a lot less.

[Anonymous]

We paid like $2k several years ago. I almost used nolo and the documentation was pretty straightforward; felt like I was mostly paying the lawyer to file a copy with the county.

I think you should shop around.

[Anonymous]

We paid 3k earlier this year for comprehensive documents, including a special needs trust, which requires significant expertise. I think you’re overpaying. We got quotes from a few lawyers/firms and found that solo practicers were significantly less expensive, presumably because they had less overhead. They were also more responsive/accessible than firms with admin staff. Go figure.

[Anonymous]

Hi Everyone,

Thank you for the responses. I'm going to do some homework and shop around a bit. Maybe this is the going rate in Maryland but I have no idea and it was shockingly high given the straightforward nature of my assets.

Thanks again.

[Anonymous]

Anonymous wrote:We paid 3k earlier this year for comprehensive documents, including a special needs trust, which requires significant expertise. I think you’re overpaying. We got quotes from a few lawyers/firms and found that solo practicers were significantly less expensive, presumably because they had less overhead. They were also more responsive/accessible than firms with admin staff. Go figure.

Are you in Maryland, by chance? If so, would you mind sharing your attorney's name?

Thank you!
-OP

[Anonymous]

You are being robbed. We paid 1200 in montgomery county. It only takes the lawyer a few hours to put these things together. A paralegal can help whichbreduces costs.

[Anonymous]

I got a similar quote. Thought it was ridiculous and ended up not doing it.

[Anonymous]

Are any of you lawyers? We are lawyers and I feel like we could wing it and have the docs notarized. Not planning to set up a trust, just a simple will.

[Anonymous]

Legal zoom is what you need unless you are completely loaded or own your own business.