How Much Does a Living Will Cost?

Facing the realities of our health and future can be difficult, but 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. 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 fits into your overall financial strategy, you could also consider consulting a financial advisor.

Factors That Impact the Cost of a Living Will

Your estate attorney will take special care to customize your living will to fit your needs. Those specifications, however, and your circumstances can shift the price needed to make the document. Some of the factors that influence the overall cost include:

Directive Complexity: The larger and more complicated your living will, the more expensive it will be to complete.

Location: Attorneys that work in urban areas tend to cost more than those based in suburban or urban spaces.

Professional Experience: Lawyers and law firms that specialize in estate planning will cost more.

What a Living Will Is

A living will is a legal document that outlines your preferences for medical, long-term and end-of-life care. It only takes effect if you become unable to communicate your decisions to doctors or loved ones.

There are various situations where a living will may be necessary, such as degenerative diseases or severe brain injuries that leave you unable to advocate for yourself. To ensure their wishes are honored, individuals create a living will while they are still healthy and mentally capable. Common instructions included in this document often address the use of ventilators, medications and resuscitation efforts.

How a Living Will Costs

When choosing an estate planning attorney, it’s important to understand their fee structure so you can plan accordingly. Attorneys typically charge using one of two methods: flat fees or hourly billing. Additionally, if you prefer a more cost-effective approach, you may consider creating a do-it-yourself (DIY) living will.

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 ranging from $20 to $100, which is still more affordable 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

Once you start working with an attorney, you’ll find that they typically have one of two payment structures. A flat flee works like how it sounds. Once you decide to work with an estate planner, they will ask for one “flat” payment. The cost of that payment will depend on the factors mentioned above: location, attorney experience and and the number and type of documents needed. You can expect a low range of $300, with the higher prices easily exceeding $1,000.

However, a flat fee can be beneficial despite how shocking that price tag might be. It demands less work on your attorney’s part since they won’t have to keep track of hours and can just focus on the living will’s assembly. Also, you get to relax once the process has started, knowing you’ve done your part.

Hourly Payment Structure Living Wills

An alternative to the flat fee is hourly billing. This format 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, it’ll drop to around $150 an hour. Remember, a firm or lawyer’s experience and your living will’s specializations may also drive up those prices.

Benefits of Hiring an Attorney

While the online world is a convenient one, it may not provide for all your needs. DIY legal documents often cost less than working with a professional, but that’s because they’re not customized. The form comes as is, and you simply fill it out to the best of your abilities.

Furthermore, the benefit of working with a person is exactly that. You can have a dialogue with your estate planning attorney, which is more direct than typing questions into a search engine. You can ask your attorney any questions you may have about a living will or other legal documents. Also, the document they create for you will cater to your needs.

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 too. If you think you might need to include a living will in your future, shop around for your best options to make one. If you have straightforward wishes, a DIY living will might be enough for you. In contrast, it may be worth speaking to a professional estate planning attorney if there are several complications. Either way, as long as you have a legal living will, you can be sure you and your family are cared for.

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 up to three financial advisors who serve your area, and 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.