Cons of Attorney Drafted Wills

A good attorney, like a pelican, can be recognized by the size of his bill. - O. Simpson

Having an attorney put together a will can be expensive. Whether they charge a flat fee or an hourly rate for their services, a basic will package can easily cost you several hundred dollars. The amount charged by the attorney will increase from there depending on such factors as the attorney's hourly fee, the complexity of the will itself, and whether additional services are involved like establishing a trust or long-term tax planning.

The minor pro to this con is that you'll never be in the dark as to what an attorney's services will cost you. Attorneys are required to clearly spell out their fees and go over them in advance with a client. Nevertheless, it should still be helpful for you to have a ballpark figure of the costs involved before meeting with the attorney.

Save Money According to a CNNMoney report, a basic will plan can cost you $300 to $2,000 when you go to an attorney. These fees include the price of a will, a living will, a healthcare proxy, and a power of attorney. If you set up a trust in addition to the above package, the price goes up to $1,600 to $2,300 for singles and $1,800 to $3,000 for couples. Expect to pay more, though, if your trust is more complex.

At the same time, it is also important to know what you are spending all this money on. Although they are generally competent and expected to handle any legal matter, attorneys do have varying degrees of skill and ability. They also occasionally make mistakes just like everyone else.

Planning Tools To help you clarify your situation regarding future health care and control of your assets, take a look at our Sample Power of Attorney and Medical Treatment forms. These state-approved forms should help you make decisions about your specific financial, health and estate planning needs.

Something else to look out for is that attorneys who don't do a lot of estate planning may rely on will drafting kits themselves. Also, a lot of the work done is clerical in nature and is handled by a paralegal or a legal assistant. Except for the inflated price, this essentially ends up being the same as using a canned will that you could have purchased yourself. That's why choosing the right attorney can be so important.

Work Smart Attorneys that operate a general practice really like to provide will making services to clients. Putting together a will can be a relatively quick and easy way to help pay the bills. At the same time, such services generate other related (e.g., continued estate planning and eventual probate of the will) and unrelated business for the attorney (e.g., handling real estate closings and divorces). So, never forget a lawyer's self-interest in this process when evaluating whether to use the services of a legal professional.