How much does a will cost?
And how can you make yours as affordable as possible?
It’s easy to postpone making a will. But just like choosing the right life insurance policy (ahem), making a will is an important part of estate planning to ensure that your loved ones are taken care of. Think of it as a legal roadmap, pointing the way to fulfilling your wishes when you’re not around to voice them.
Making a will is important, and sounds daunting, but it doesn’t have to be complicated. Read on to learn more about how to make a will, what a will costs, and how to check this piece of financial planning off your list.
In this article:
What is a will and why do you need one?
Understanding the basics of a will
A will, in its simplest form, is a legal document that spells out your wishes regarding the distribution of your assets and the care of any minor children. Think of it as a detailed letter to your loved ones, providing clarity on how you’d like things to be handled after your departure.
It’s essential to ensure your will is clear, concise, and free from any ambiguity. This way, you’re not leaving your family with financial puzzles to solve during an already-challenging time.
Wills can include several parts:
Last will and testament: This is your wish as to who gets what and which kind of funeral arrangements you’d like. Plus, if you have kids under 18 or any pets, you can establish who should provide care for them.Living will: What happens if a health or medical condition prevents you from making decisions? Your living will states, legally, how you would like that treatment to continue.Power of attorney: If you’re unreachable or medically incapable of making decisions, this document gives a person of your choosing the ability to manage your affairs.
The significance of having a will
Having a will goes beyond asset distribution. It’s about leaving a legacy, a clear message of love and care for those you leave behind. You need to prepare a will or else the state steps in, and decisions about your assets might be made without considering your personal wishes or your family’s unique needs. The best way to avoid having your family go through the impersonal legal mechanics of doling out your assets while they grieve is to plan ahead.
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What does a will cost?
The cost of a will can vary quite a bit. Here’s what you need to know.
Average costs and factors influencing them
The general consensus is that, on average, drafting a simple will with an attorney can range anywhere from $300 to $1,000. Complex wills can be even more expensive, but you can think of the cost as an investment in your family’s well-being after you die.
The all-in price also can fluctuate based on your location, the complexity of your assets, and the attorney’s experience.
Making a will more affordable
Some people might balk at the idea of hiring a lawyer to create a legal document. It sounds scary and expensive. The good news? It doesn’t have to be.
The rise of online estate planners
In the digital age, just as we’ve transitioned from paper bank statements to online financial dashboards, estate planning is also catching up. Online estate planners have emerged as a game-changer, offering a convenient and often more affordable alternative to traditional methods. Platforms provide guided processes, so even if you’re not a legal expert, you can draft a will that aligns with your wishes.
Benefits of Trust & Will for eligible Haven Term policyholders
If you’re already a Haven Life customer, here’s some good news for you. Eligible Haven Term policyholders can enjoy no-cost trust or will services from Trust & Will. It’s not just about saving money; it’s about making sure that you have access to quality services that make the process of drafting a will seamless and stress-free.
You begin by choosing a will or a trust. Normally, the will costs $159 for an individual, or $259 for a couple, so this is a nice savings for eligible policyholders with access to the Haven Life Plus bonus rider. The will service includes a living will and power of attorney authorization.
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Unavoidable costs in will creation
Creating your estate plan can come with a cost. Hiring an attorney to make or review estate planning documents for you and your family members can be a good idea, but they typically charge more than reputable online services. Here’s what to consider.
When complex financial situations arise
Drafting a will with more complex financial situations might bring additional challenges. Owning multiple properties, having investments in various assets, or managing a business can complicate the will-making process. In such scenarios, a one-size-fits-all approach might not cut it. Your attorney will rack up more billable hours sorting through all the facets of your asset picture.
Tailoring a will to fit these intricate financial landscapes can sometimes come with a higher price tag, but it ensures that every asset is accounted for and distributed according to your wishes. However, if you have a lot of assets, it may be time to update from a will to a trust.
The need for personal consultations
While online platforms have made will creation more accessible, there are times when a personal touch is irreplaceable. In some cases, you might be able to reach out to your online service and set up a time to talk through anything that’s tricky or confusing. In other cases, you might require a face-to-face consultation with a legal professional.
Whether you opt for an online platform or a traditional attorney, make sure that the service aligns with your financial picture and personal wishes.
Discover the benefits of Haven Life
Making a will is an essential part of long-term financial planning. So is having a life insurance policy in place, so your loved ones have financial protection in place in case the worst should happen to you. If you have dependents — that is, children or a partner or spouse who depends on you to pay for things — a life insurance policy is a prudent thing to have.
Start by getting a free online life insurance quote today.
Our editorial policy
Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our editorial policy
Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.
Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.
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Our disclosures
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus
Read our disclosures
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