How Much Does Estate Planning Cost?

Estate Planning Cost: Typical Price Ranges

Estate planning costs vary widely depending on basic or complex and whether you use DIY/online tools or hire an attorney. For simple and straightforward asset distribution, costs for a simple will are often lower compared to wills and trusts designed to provide for blended families, special customizations, or business continuity.

Here's a quick view of the typical price range of estate planning costs across wills and trusts:

Common Paths for Estate Planning: How Much It Costs

Three common ways to create a clear, valid estate plan are doing it yourself through a template, using an online service, or hiring an attorney. Among these, the best option for you varies depending on the complexity of your estate plan and the level of customization you need.

DIY Documents (Lowest Cost, Highest Responsibility)

Drafting your estate plan yourself through DIY documents or templates is often the most inexpensive option. You create a plan through fill-in-the-blank downloadable documents that typically cost up to $150,² although free templates may be available.

Even though they typically cost the least, DIY options can be time-consuming and include a lot of responsibility. This can be a good option if your estate plan is basic and you intend a straightforward distribution between your immediate beneficiaries. If you choose this option, make sure the template is valid in your state. Also, fixing minor errors after the fact could create confusion and lead to additional costs. For complex estate planning, this option may not be the best fit.

Online Estate Planning Services (Fixed Packages + Add-Ons)

Online estate planning services offer a middle ground between low-cost DIY and attorney-made wills. These services can generally cost up to $1,000⁴, and sometimes less if the plan is not too complex. The price is less than an attorney-made will, but it can be a more reliable option than a self-service template.

Online service providers often sell estate plans in ‘bundles’ which may include a will and other supporting documents like a power of attorney or a living trust. Instead of ready-made templates, these include a guided questionnaire or interviews. These are suitable for moderately complex estate plans, but they may lack legal support. For legal guidance from an attorney, or to make revisions or updates, you may pay an additional cost. However, some providers offer subscription-based plans for free updates.

Estate Planning Attorney Cost (Higher Cost with Professional Guidance)

Drafting your estate plan through an attorney-made will or trust involves expertise, customization, and legal guidance. It can cost you anywhere between $300 and $5,000. This option may make sense when you have a complex estate plan in mind involving multiple beneficiaries and properties. If you have a blended family structure or if you own substantial assets or property, legal guidance can help ensure clarity.

Estate planning attorney costs depend on the complexity and instructions you give, but they may also vary depending on whether you are drafting a will or a trust from scratch or reviewing a document that is already created. If you find the costs are high, but still want a legal perspective, you can consider an hourly review from an attorney.

Read: Does a Will Have to Be Notarized?

Cost of Estate Planning Documents: What You’re Paying For

You can create your estate plan with multiple methods, and what you’ll actually create are important documents like a will, power of attorney, or living trust. Here is a general cost breakdown by document:

Types of Estate Planning Fee Structures

The cost of estate planning may also differ across different billing models. Here’s a quick summary of common fee structures:

• Flat-fee package: This means a one-time price for a defined scope. It can be best for those building an estate plan on a budget.
• Hourly billing: You pay an hourly rate for someone to draft your documents. This mostly comes up in attorney-made plans and is best for seeking targeted help and review of existing documents.
• Retainer: Some attorneys may use a retainer model for ongoing estate planning needs, but this is more common for high-net-worth clients or those with complex estates. A retainer is an upfront payment to secure availability and is often applied against the attorney’s hourly rate.
• Subscription/membership: If you have a growing estate or if you frequently buy or sell assets and need frequent updates, this might be a good choice. Providers may offer monthly or yearly costs for making updates and revisions.
• Per-document pricing: Instead of paying for a comprehensive plan, you pay only for the documents you need. It may be cost-effective initially, but individual documents can cost more if you need them later.
• Limited scope (unbundled) services: You pay specifically for a service, like a minor review, a detailed review, or a simple consultation.

When you’re paying someone for an estate plan, it’s good to ask questions. Inquire what documents are included, if there are any free revisions, if signing or notarization guidance is included, and what future updates can cost.

Read: What Is a Pour-Over Will and How Does It Work?

Why Estate Planning Costs Vary

The cost of estate planning may be different for everyone. It largely depends on the complexity and support you need to build your estate plan. If your estate plan is simple and uncomplicated, you may choose more affordable self-service options. But sometimes, other factors may increase the costs. Here are some common reasons why estate planning costs can rise:

• If your plan includes a trust (or multiple trusts). 
• If your distribution plan includes various customizations like specific timing or other special instructions.
• You have multiple beneficiaries in your plan, as your family structure is dynamic.
• You have dependents with special needs, or minor children who need guardians to look after them.
• You own multiple businesses or are a partner in companies with a complex ownership structure.
• You own multiple assets, or have assets with shared ownership. 
• You want frequent reviews and updates as you frequently buy or sell properties.

Due to high-risk factors in such cases, it's usually better to seek legal guidance from an attorney, which would result in higher costs.

Hidden Costs People Forget in Estate Planning

Your estate planning costs may not include everything. Sometimes, even after the documents are drafted, additional needs may add to the overall estate planning costs. These include: 

• Costs of notarization and witness requirements to validate the document.
• Costs of authorized copies for all parties and secure storage.
• Revision costs if you need updates after life changes such as marriage, divorce, childbirth, moving to a new state or when you purchase a new asset.
• Your trust requires funding (meaning transferring assets into the trust). Not all providers or attorneys may include trust funding assistance.

How To Minimize Your Estate Planning Costs

When planning your estate, it’s important to focus on clarity and validity in addition to costs. But sometimes, a cost-effective plan may be a better choice. Here are a few ways to lower the cost of estate planning while maintaining accuracy:

• Start with a checklist of all assets, including approximate value, ownership, and who you want those assets to go to. Identify important people like executors and guardians. 
• If you’re using an online provider or an attorney, try to get bundled documents for additional cost savings. Getting one document now and another later can lead to a larger cost overall.
• Question what’s included, what’s not, and what can add to costs later. Always compare quotes from other providers (or attorneys for attorney-made plans). 
• Understand the complexity of your situation and plan accordingly. If your plan is simple and involves only your immediate family members, you can potentially forego legal advice. But, if your estate is complex, consider hiring an attorney to help cut down on fixing mistakes later.
• You can also request an hourly review instead of full drafting when you’ve already created the document and just want legal review.