How Much Does A Will Cost
The need for a will or a testament is often overlooked. However, this document may be one of the most important form of protection you can provide your family. If you are asking the question “how much does it cost to make a will?” you will find the answer here. The average cost of a will starts from $300 to $1,000. However, a basic will without the need for an attorney may only cost you $20 to $60.
What is a will?
A will, also referred to as a testament, is a legal document that allows a person to communicate his or her last wishes as to how his or her properties and possessions shall be distributed at the time of his or her death. The persons assigned with what has been left behind are called beneficiaries.
Oftentimes, the idea of writing a will is dismissed. Issues about the average cost of a will do not really intrigue people. This is problematic since a will actually serves an important purpose in people’s lives. There are several reasons as to why one should get a will; below are some of these reasons:
- Having a will or a testament will also allow you and your family members to avoid greater legal challenges. It will be much easier for the ones who were left behind since all the legal issues would be taken care of.
- The power of a will goes beyond writing down who gets what. Here, you can also specify how much exactly the beneficiaries are getting. Furthermore, it will also help you in deciding who gets to take care of your properties as well as your children. Without this will, the court will decide who should be responsible for the children you left behind—this may not be aligned with your preferences. Thus, having a will allows you to appoint the right people whom you can peacefully trust in raising your children.
- You never really know what might happen to you. People tend to always think that they have many years to live and thus, they are so complacent. However, as painful as it sounds, we must admit to ourselves that tomorrow is never promised. Accidents can happen any day, unexpected diseases or even death may knock on your door. And when we have a lot to pass on to our spouse, children or relatives, it is best to be prepared. This is a great form of protection especially for your children’s future—it will also dictate how well they may do after your passing.
- In writing a will, you may also disinherit people who might receive your properties even if you did not intend for them to. If you feel that there are certain people who should not get their hands on your properties, you can note it down in your will in order to make sure that what you will pass on will be in the hands of the rightful people.
- When writing a will, it is not closed as long as you are still alive—you can always change it in accordance to your wishes. You may add or remove beneficiaries, change the amount of shares and the like.
Who can be my beneficiaries?
As you try to answer this question: “how much does it cost to make a will?” Surely, you will also try to find the answer as to who are the people who will possibly get your properties or how many of them can get their hands on your possessions. Below are the possible people and number of people who can qualify as your beneficiaries.
- There may be multiple beneficiaries—children, brothers, sisters, etc. Multiple beneficiaries will mean that you will also have to decide ahead on the distribution of properties. The most common methods of distribution are the following:
- Equal distribution for each beneficiary—that is, 10%, or 25% each and/or so on.
- You can also give an unequal distribution such as 75% and 25% or 60% and %40.
- Having minor children, children under 18 years old, as your beneficiary is also acceptable. However, these children will have to reach 18 years of age in order to directly receive the assets you have passed on to them. While they have not yet reached the age, the assets will have to be placed into a Trust which will be managed by the guardian, the trustee.
- Pets can be beneficiaries, however, the caretaker shall be the one in charge of what was left for the pets.
Different Types of Wills
Below are only some of the several types of will that exists:
- Mystic – will is sealed until death
- Non-culpatory – orally dictated and is often limited to military personnel or sailors
- Unsolemn will – will wherein executor will be left unnamed
- Solemn will – testators and witnesses provide their signatures
Will or testaments that need help from lawyers may be quite costly but undeniably, the answer as to “how much does it cost to make a will?” cost greater than the actual fee. Of course, the average cost of a will might cost you a thousand dollars—however, this is, after all, for the protection of your assets, properties as well as your beloved family members. It is to make sure that they fall into the right hands in the event that you pass away.