Proper estate planning is important for any individual who owns property. You should always be prepared to have your estate properly managed in the event that you pass away. Perhaps the most common method of estate planning is preparing a will. A will allows you to specify who the beneficiaries of your estate are.
When written correctly, a will helps ensure that your heirs receive portions of your estate as specified. Many people wonder how much it costs to prepare a will. There are many different factors to consider, including the type of will you wish to prepare and the lawyer with whom you'll be working.
The type of will being prepared
There are many different types of wills, including simple, spousal, and living wills. Each type of will comes with its own associated cost. Simple wills are the cheapest to prepare. They're often straightforward, and they provide simple and direct instructions regarding your estate. They're also easier to enforce after you pass away.
Spousal or joint wills tend to be more complex, as they include multiple estate owners within the same will. During the preparation process, both spouses need to specify how they would wish their property to be distributed. Enforcing such a will also comes with its own additional costs.
Will you need a Power of Attorney?
A Power of Attorney (for a will) is a legal document that authorises someone else to act on your behalf. This document is important because the POA is the person who will essentially execute your will. You should factor in the cost of preparing a POA form to accompany your will.
You may choose to appoint different POAs for different pieces of your property, especially if you have many assets that you wish to spread out across your heirs. The more POAs you'll need, the higher the cost.
The attorney you're working with
The cost of preparing a will also depends on the wills and estates lawyer you're working with. Prices can vary significantly from one attorney to another, so it's best to weight your options. Remember that cheaper is not always better. You need a lawyer who understands estates law and can help you prepare a watertight will for your property.
Seeking referrals is a good place to start, as you can gain insights into the services a particular professional provides. You may also find a quality lawyer who delivers reliable services at a reasonable cost.
Share7 January 2019
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