One of the biggest deterrents for people getting a will or trust done is the cost. There’s this perception that anything with a lawyer is going to automatically be unaffordable, but that’s not always the case. In the Raleigh and Durham areas, wills and trusts cost anywhere from a few hundred dollars to up in the thousands, so as with anything, people need to research to see what is the best service for their needs.
Here are some things to keep in mind when considering the cost of a will or trust:
- Scope of the project: Cost will vary depending on how complicated the will is. For most people, it’s pretty basic – a home, some assets, and few family members as heirs. However, if there are multiple properties, international assets, children from multiple relationships, or other more in-depth situations, the cost can understandably be higher.
- Expertise of the lawyer: The expertise of a lawyer is worth a lot. Knowing the system, the ins and outs of estate planning and probate law and simply having had experience with different scenarios is something that is worth more than someone who is still gaining experience.
- Expertise of the local area: Each state has its own different set of estate laws, and it’s important to find someone who is well-versed in the local regulations and knows the flow of the local legal system.
Yes, creating a will or trust is an expense, but it can definitely be a manageable one. Often, a lawyer will be involved to help a family through the probate process when the time arises. There will be a cost for estate planning, and in our opinion, it’s better to spend your money to make sure the estate plan is set up correctly and according to the owner’s wishes. This is a great time to set up a will or trust. Contact Thornton Law Firm to set up a consultation.