How Much Does a Living Will Cost?

Estate planning is an important step in protecting yourself and your loved ones. Without a clear plan in place, your family may face unnecessary challenges, from managing your assets to making critical medical decisions on your behalf if you were to become unable to. A living will can help alleviate these burdens by outlining your healthcare preferences in advance. The cost of creating one varies based on the method you choose and your location.

To better understand how a living will may fit into your overall financial strategy, consider consulting a financial advisor.

What Is a Living Will?

A living will is a legal document that explains your wishes for medical treatment if you can’t express them yourself. It provides clear guidance to doctors and family members about what kind of care you do or do not want. This includes decisions about life-support measures, pain management and artificial nutrition or hydration. The document only becomes active if you are incapacitated and unable to communicate, such as after a serious injury or illness, or during advanced stages of a medical condition.

Creating a living will can help avoid confusion and disagreement among family members during emotionally difficult times. Without written instructions, loved ones may struggle to make medical decisions or disagree about what you would have wanted. Having a living will on file allows your healthcare providers to follow your preferences confidently and ensures your care aligns with your personal values.

Factors That Impact the Cost of a Living Will

If you work with an attorney to create a living will, they will customize it to fit your needs. Those specifications, however, in addition to the specifics of your circumstances, can impact the price of making the document.

Some of the factors that influence the overall cost of a living will include:

Directive complexity: The larger and more complicated your living will is, the more expensive it will be to complete. A simple document that covers only basic medical preferences generally costs less. However, if your living will includes multiple scenarios or detailed medical instructions or it integrates with other parts of your estate plan, it will take more attorney time and review, which can increase the cost.
Location: Attorneys that work in urban areas tend to cost more than those based in suburban or rural spaces. This difference reflects the higher overhead costs and market rates in major cities. Prices may also vary within the same state, depending on local demand and the level of estate planning expertise available in your area.
Professional experience: Lawyers and law firms that specialize in estate planning will typically cost more. Experienced attorneys often charge higher fees due to their deeper knowledge of healthcare directives and state laws, and their ability to coordinate a living will with other documents, such as a power of attorney or trust. This additional expertise can help ensure the document is comprehensive and compliant with state regulations.
Additional services: Beyond drafting the document, some attorneys may charge for follow-up consultations, notarization or future updates. Reviewing your living will periodically is important, especially if your health status or preferences change, and these revisions can add to the total cost.

Cost of a Living Will By Preparation Method

Your living will’s cost largely comes down to how you choose to create it. Creating a do-it-yourself (DIY) living will is an option, which will significantly slash costs. You might also opt to hire an estate planning attorney for their guidance and expertise, in which case you can expect to pay more. Attorneys typically charge for the creation of a living will using one of two methods: flat fees or hourly billing.

Do-It-Yourself Living Wills

If you’re looking to minimize professional fees, a DIY living will can be a budget-friendly option. Basic pre-made forms are available online, with the only required expense being notarization, typically costing around $10 to $15. However, if you need a more detailed form or specialized will-making software, you may encounter additional costs, usually anywhere from $20 to $100. Still, it’s a much more affordable route than hiring a professional.

That said, drafting your own legal documents comes with potential risks, and it’s important to be aware of the dangers of DIY estate planning. Each state has specific legal requirements for validity, and overlooking these rules could result in costly mistakes. The cost of a professionally drafted basic will is also often comparable to high-end will-making software, making professional guidance a worthwhile consideration for financial and legal security.

Flat-Fee Living Wills

A flat fee is one of the two payment structures commonly used by estate planning attorneys. With this setup, once you decide to work with an estate planner, they will ask for one “flat” payment. The amount of that payment will depend on the factors mentioned above: location, attorney experience and the number and type of estate planning documents needed. The lower range is $300, with the higher prices easily exceeding $1,000.

However, a flat fee structure can be beneficial, even if initially you have some sticker shock. You’ll know exactly how much the service will cost you upfront, and all of the work that’s necessary is already included as part of that fee.

Hourly Payment Structure Living Wills

An alternative to the flat fee arrangement is hourly billing, where you compensate your attorney per hour of their time spent on the creation of your living will. An attorney’s hourly rate will also largely depend on the circumstances.

Again, lawyers in high-traffic areas will likely charge more. So, if you’re in the city, you’ll probably find hourly rates above $300. Outside that area, you may see rates of around $150 an hour. Remember, a firm or lawyer’s experience and your living will’s specializations may also drive up those rates.

Benefits of Hiring an Attorney for a Living Will

DIY legal documents often cost less than working with a professional, but that’s because they’re not customized to the same degree. When you’re working with a software program to make a will, the form comes as is, and you simply fill it out to the best of your abilities.

An estate planning attorney, in contrast, will create a document that caters to your specific needs. You can have a dialogue and ask your attorney any questions you may have about a living will or other legal documents, as opposed to typing questions into a search engine. They will also have a solid understanding of the legal landscape, helping you ensure your resulting living will works just as you would like it to.

Bottom Line

Living wills are an important step for any individual looking into end-of-life medical and financial planning. The more vulnerable you are, the more essential they become. If you think you might need to include a living will in your future, assess your options for how to make one. For more straightforward wishes, a DIY living will might be sufficient and tends to be more budget-friendly. In other situations, particularly if there are complications, it may be worth speaking to a professional estate planning attorney, though this route is more costly.

Estate Planning Tips

A living will is only one piece of your full estate planning puzzle. It’s important to consult with a financial advisor to help you figure out the right estate plan and how it all fits together. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors who serve your area. You can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
A key part of estate planning is figuring out how much you will have to live on. That’s where a free, easy-to-use retirement calculator can be invaluable.