It’s difficult to give an average cost of a will in Texas. Each law firm structures their fees differently and changes the amounts from time to time. Some attorneys offer a flat fee rate for a will, while others bill by the hour.
How much a will costs in Texas depends on a variety of factors, such as:
- The drafting attorney’s experience;
- The complexity of the assets and overall estate plan;
- The time it takes for the attorney to draft the will; and
- Any other services the law firm includes as part of creating a will.
Let’s take a deeper look into each one of these variables and how they impact the cost of a will in Texas.
If you have any further questions, don’t hesitate to contact Robbins Estate Law, PLLC.
What Are the Requirements of a Will in Texas?
Before we go any further, it’s important for you to understand the requirements of a valid will in Texas. Creating a legally enforceable will is not as simple as writing down your wishes.
In fact, Texas law requires that the testator (the person creating the will) be of sound mind and at least 18 years old. In addition to that, all wills must be:
- Written;
- Signed by the testator; and
- Attested and signed by two or more credible witnesses who are at least 14 years of age.
If any of these requirements aren’t met, the will is invalid and unenforceable. This is why it’s important to have an experienced Austin estate planning attorney draft your will so that it actually holds up when the time comes to enforce it.
What Impacts How Much a Will Costs in Texas?
1. Attorney’s Experience
When you hire a seasoned estate planning attorney, he or she will likely charge much more than a first-year associate. The more experienced lawyer can offer a higher level of analysis and draft a more robust will or trust.
To keep prices low, some law firms permit legal assistants or paralegals to draft a will and then an attorney will review it. It’s important to know exactly who is writing your will for you, so you know what level of legal expertise you’re paying for.
2. Complexity of the Estate
If you have complex assets, like investments or business interests, you’ll likely pay more for an estate plan. The goals for your estate and your requests within your will may be much more in-depth and require sophisticated drafting, increasing the cost.
For someone who has more common assets, like cars, a single piece of real estate, and brokerage accounts, a simple will may suffice. Many attorneys charge a flat rate for a simple will, typically around $3,900.
However, as estates becomes more complex, a revocable trust-based estate plan is often needed to achieve a smooth and efficient asset transfer. A revocable trust-based plan typically starts at a cost between $4,900-$5,900 and increases with complexity. Some of the most common factors that can increase complexity and cost are as follows:
- Minor children are involved. A minor inheriting directly through a will requires a court appointment of a guardian, a process that is very expensive and burdensome. A trust-based plan can avoid guardianship by establishing an appointed trustee to manage your child’s inheritance free from court intervention. Additionally, many of our clients with over $1 million prefer to leave an inheritance to children with “spendthrift provisions”, which provide protections from creditors and divorce settlements.
- Multiple pieces of real estate are involved. Transfer of real estate by will requires deeds to be executed upon the death of the first spouse and then again on the death of the second spouse, a process both expensive and cumbersome. A trust-based plan allows for real estate to be titled in the name of the trust, requiring no need to execute a new deed upon death for the first spouse.
- Estates with a value of 6 million or more require planning aimed to reduce the burden of the 40% estate tax. This is typically accomplished through the use of a bypass trust, also known as an A-B trust. Typically a comprehensive estate tax plan ranges between 16,000 to 25,000.
3. Drafting Time
For lawyers who bill by the hour, the amount of time they spend creating your will clearly affects how much you’ll pay in the end. Again, if your estate is large and complicated, you’re going to spend a lot more for your will than someone who is leaving everything to his or her spouse.
4. Additional Services Offered
Some attorneys will draft your will and send you with execution instructions, expecting that you’ll complete the tasks needed to finalize the will. For example, you may need to get your will witnessed or notarized. Other law firms have an official will ceremony, where your will is signed, witnessed, and legally executed. Depending on what the lawyer or law firm offers, the cost of your will can vary.
Why Is It Important to Have a Will or Trust?
If you die without a will or trust, it is said that you have died “intestate.” What this means is state law determines who will inherit your estate and how much they will receive. This can have unintended consequences and cause serious conflict among family members. To avoid this, have a Texas estate planning attorney create your will or trust.
Can I Use an Online Will or Trust Template?
You can find a plethora of online forms, templates, and will-drafting services. Granted, these can be cost effective and save you time right now. However, the cons far outweigh the pros when it comes to do-it-yourself wills.
In the long run, an online will can be more costly. Often these template wills are full of ambiguities and mistakes, which can be time consuming and expensive for your loved ones when the time comes to administer your estate. Your do-it-yourself will may also fail to meet Texas’s requirements for a valid will.
When you work with an estate planning attorney, they not only ensure your will satisfies the legal requirements, but they will also tailor it to meet your needs.
Given what’s at stake, the potential costs of getting it wrong or making a mistake drastically outweigh any initial savings. By choosing a template, you risk your life’s earnings ending up in pockets you never intended and ultimately putting your family through heartache and stress. This is a gamble that, in the end, may yield drastic, irreversible consequences.
Hire an Experienced Estate Planning Attorney to Draft Your Will or Trust
As the old adage goes, you get what you pay for. While there are cheap and quick ways to create your own will, there’s no substitute for the service and expertise you’ll receive from Robbins Estate Law, PLLC. Founder and lead attorney Kyle Robbins will provide you with a custom will that meets your goals and gives you peace of mind.
Contact us today to schedule a consultation.
Kyle Robbins
Kyle Robbins is the founder and sole owner of The Law
Offices of Kyle Robbins. He received his J.D. with honors from the University of Texas School of Law and his B.S. in Food Chemistry and Microbiology from Oklahoma State University.
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