Estate Planning Costs: What Documents You Need and What They Cost

Estate planning isn't just for wealthy people. Without basic documents, your family faces expensive probate ($3,000-$10,000+), court-appointed guardians for your kids, and lengthy delays accessing your assets.

The essential documents everyone needs: a will ($200-$1,000), financial power of attorney ($100-$300), healthcare power of attorney ($100-$300), and a HIPAA authorization (usually included). Total: $400-$1,600 through an attorney.

Online will services (LegalZoom, Trust & Will, Willing) cost $89-$250 for basic wills. These are adequate for simple situations: single or married with no kids, modest assets, and straightforward wishes.

When you need a trust instead of just a will: you own property in multiple states, have assets over $1-2 million, want to avoid probate, have minor children, have a blended family, or want control over how assets are distributed over time.

Revocable living trusts cost $1,000-$3,000 for individuals, $1,500-$5,000 for couples. The upfront cost is higher than a will, but you avoid probate costs ($3,000-$10,000+) and delays (6-18 months).

Irrevocable trusts for estate tax planning cost $2,000-$5,000+ to establish. These are primarily for estates over $12.92 million (2025 federal exemption). Consult a specialized estate planning attorney for these.

Powers of attorney are critically important and often overlooked. Without a financial POA, your family may need to petition the court for conservatorship ($3,000-$10,000+) just to pay your bills if you're incapacitated.

Update your estate plan after major life events: marriage, divorce, birth of a child, death of a beneficiary, significant asset changes, moving to a new state. Updates typically cost $200-$500.

Beneficiary designations on retirement accounts, life insurance, and bank accounts override your will. Review these annually — outdated beneficiaries are one of the most common estate planning mistakes.

The cost of not planning: probate costs 3-7% of estate value ($9,000-$21,000 on a $300,000 estate), takes 6-18 months, and is public record. A $2,000 trust today saves your heirs $10,000+ and months of frustration.