Wills and trusts do differ in cost—not only when they’re created, but also when they’re used. The average will-based estate plan can run between $500 to $2,000, depending on the options selected. An average trust-based plan can be set up for $3,000 to $5,000, again depending on the options chosen.
However, wills must go through probate, where attorney fees per hour and court costs can be quite pricey, especially if the will is contested. So even though a trust usually costs more upfront to create than a will, a calculation that includes the future probate costs can actually make a trust the less expensive option in the long run.
That said, each family’s circumstances are different, and this is why we do not create any documents until they know what you actually need, and what will be the most affordable solution for you and your family, both now and in the future, based on your family dynamics, your assets, and your desires.
With this in mind, our Life and Legacy Planning process is designed to compare the costs of will-based planning and trust-based planning with you, so you know exactly what you want and why, as well as the total costs and benefits over the long term.