How Much for a Simple Will?

Blog Post by:  Melissa Christensen Platt, Esq.

This is by far the most frequently asked question we get, and I cringe every time I hear it (or variations of it) because I know the answer will be unsatisfactory to the person who has just asked the question and to me as well.

The biggest problem with this question is that it is impossible to answer directly. Why can’t a respectable estate planning attorney just quote you a fee right off the bat? Because estate planning is not “one size fits all” or even “one size fits most,” so estate planning fees can’t be one size fits all either. The question assumes that a will (or a trust) is right for everyone.

It’s kind of like walking onto a car dealer’s lot and asking, “How much for a car?” The answer will depend on whether you want an SUV, truck, van, or sedan, whether you want to buy used or new or lease, whether you want all the options or a stripped down model, and so on.

A family with four young children most likely is not going to be looking for the same car as a single business executive. And even those people with outward similarities will select different vehicles based on their differing priorities and needs. That’s why my neighbor drives a mini-van and I drive an SUV, even though we both have three young kids.

The point is that every client’s situation is unique. Some clients have been married to the same person for 50 years, while some have been married more than once or have never married; some clients have children who all get along, while some have a dysfunctional family; some are old, some are young, and some are middle-aged; some have millions in assets, and some are just making ends meet. How could a “one size” estate plan possibly meet the unique needs and goals of each of these clients? And, along that same vein, how could an attorney possibly quote someone a fee without getting into the details of their individual circumstances and goals?

At the heart of the “How much?” question is a common misconception that is perpetuated by some attorneys in the way they approach estate planning. The misconception is that estate planning attorneys are nothing more than document peddlers who just fill in blanks on form documents. So, if the question is actually, “How much for a will or trust document?” Then, my answer is $0—those documents are readily available at the law school library, or even on the internet, for free!

Another reason this question makes me uncomfortable is that I have no idea (and they usually don’t either) whether a will is going to achieve that person’s wishes with regard to their estate. In my experience, the clients who have come in wanting a “simple” will have, with few exceptions, wanted to exercise some amount of control over how their beneficiaries would receive and use the assets, which requires the use of a testamentary trust (trust inside the will), which then makes the “simple” will not so simple after all. It is only after sitting down with a client and learning about their family dynamics, their total assets, and their hopes for how those assets will be used that an estate plan can be designed that fits their unique situation.

There’s also the problem of a will being too simple. Take Warren Burger’s will, for example. He was the Chief Justice of the United States Supreme Court, the most influential judicial position in our nation, so you’d think he would have had a pretty comprehensive estate plan.

A will of 176 words was all that he used to pass on his $1.8 million estate. He should have used a few more words. His family had to spend hundreds of thousands of dollars extra in probate fees and estate taxes that could have easily been avoided with a properly drafted estate plan.

I think what most people really want to know when they ask this question is, “How do I know if an attorney’s fees are reasonable?” You’re familiar with the old saying, “You get what you pay for,” so don’t necessarily settle for the cheapest attorney without first making sure you’re comparing apples with apples. Or, to take the car analogy a little further, make sure you’re comparing a Chevy Cavalier with a Ford Focus rather than with a Mercedes S-Class. Find out exactly what the attorney’s fee includes. For example, does the initial fee include assistance with the necessary re-titling of assets (i.e., “funding your trust”)? If so, which kinds of assets—just your home or all your other assets as well? Does it include periodic reviews of your estate plan as the laws and your circumstances change? Does it include any future phone calls regarding your plan and for how long after you’ve completed your plan? How much time does the attorney spend meeting with you and getting familiar with your unique circumstances—hours or minutes?

Some attorneys are in the business of selling bulk estate plans, while others are genuinely committed to giving you a high quality estate plan and becoming your advisor for life with regard to your estate plan as well as other legal needs. So, asking some detailed questions as to why an attorney charges what he or she does will help you find the attorney that will best fit your needs.