When it comes to estate planning, many people do not know where to start. One of the most important documents in any estate plan is a living will.
A living will dictates how you want your medical care handled if you are unable to make decisions for yourself. It is important to understand what goes into a living will and, most importantly, how much will it cost you to create one.
What is a Living Will?
A living will is a legal document that outlines how you want your medical care to be carried out if you are unable to make decisions for yourself.
For example, it might state how long you would like life-support to continue or how much pain medication can be used during end-of-life care.
It is important to note that a "living will" does not cover how you want your assets to be distributed. This is covered in a will or trust and should be included in any comprehensive estate plan.
Factors that Impact Living Will Costs
When it comes to determining how much you will pay for a living will, there are many factors that come into play. Some of these include:
How Much Does a Living Will Cost?
When researching an estate planning attorney to work with on creating your living will, you should also know what basic payment system they will use.
Most lawyers use either one of two systems: flat fees or hourly billing. However, you can also consider the do-it-yourself or DIY living will option.
Flat Fee Living Wills
Flat fee living wills are just what they sound like: a set price for the document no matter how complex it may be. This is becoming an increasingly popular option as attorneys move away from hourly billing.
Once you decide to work with an estate planner, they will ask for one “flat” payment. This is a one-time fee that covers all the services they will provide in creating your living will.
This fee may vary depending on the complexity of your living will, the state you live in, and how much time the attorney expects to spend on it.
It is important to note that this fee is separate from the costs associated with having your will drawn up. Those costs will be covered in a separate bill.
If you are on a budget, it is important to ask how much the flat fee is and compare it to how much an attorney would charge hourly. This can help you to make an informed decision about which option is best for your needs.
You can expect to pay somewhere in the low range of $300 for a living will. However, prices can easily exceed $1,000, depending on the attorney and how complex your plans are.
Hourly Billing Living Wills
Hourly billing, also known as a contingency fee, is when the attorney bills you based on how many hours they spend working on your case. It also includes any court fees or other costs that may come up along the way.
This is the payment system that most traditional estate planning attorneys use.
The cost of hourly billing can vary greatly depending on how many hours it takes to complete your living will and how much each hour is worth. Some attorneys charge as little as $150 an hour, while others bill at over $500 an hour.
This format heavily depends on the circumstances. Take note that lawyers in high-traffic areas will likely charge more. If you are in the city, you will probably find hourly rates of $300 and above. But outside these areas, it can be $150 an hour.
As you can see, the cost of hourly billing can quickly add up, making it one of the more expensive options for getting a living will.
You should be aware that attorneys may require a retainer fee (a down payment) before beginning work on your living will. This is to ensure they do not lose money if they spend more time working on it than expected.
Do-It-Yourself Living Wills
Some people choose to do a living will themselves, without the help of an attorney. This is known as a DIY living will.
While this can be less expensive than working with an attorney, there are some risks involved. First, you may not have all the information you need to make decisions about your care.
Second, if something goes wrong and your living will is not valid, it could be difficult to prove that you intended for it to be your final wish.
Finally, if there is a dispute about your living will, you may not have the legal expertise to defend it in court.
DIY living wills are available online or at some office supply stores. They typically cost between $20 and $50.
While this is a more affordable option, it is important to remember that you get what you pay for. If something goes wrong with your living will, you will not have the same legal protections as if you had worked with an attorney.
Benefits of Hiring an Attorney
There are several benefits to working with an attorney when creating a living will.
First, attorneys have the legal expertise to ensure your will is valid and can stand up in court. They can also help you navigate any complicated legal issues that may come up.
Second, attorneys can guide how to make your living will as specific and accurate as possible. This will make it easier for others to follow your wishes if something happens and you are unable to speak for yourself.
Finally, attorneys can provide peace of mind in knowing that all the steps have been taken care of by a professional who is trained in this area.
And if there are any questions about how things should be done or what you want, they can provide clarity.
It is important to remember that attorneys are not required by law when making a living will, but many people choose them for the benefits listed above.
The Bottom Line
A living will is a legal document that offers people who cannot make medical decisions on their own the ability to state how they want their treatment managed in case of an emergency.
It also tells doctors how much care should be given, including life support systems such as feeding tubes or CPR.
It is important to remember that a living will is an important document, and you should take the time to find an attorney you feel comfortable with.
The price is worth it to have peace of mind knowing that your wishes will be carried out if you are unable to speak for yourself.
FAQs
1. What should be included in a living will?
A living will includes the following: how you want to be treated in the event of an emergency, how much care is acceptable for your situation, and how long life-sustaining treatments should last. You can also include directions about how organs or tissues should be donated after death, as well as funeral arrangements. It is important that all of these instructions are clearly stated so that there is no confusion about how you want things handled when the time comes.
2. How long does a living will last?
A living will is a document that lasts until you die. It can be revoked or changed at any time, as long as you have the mental capacity to do so. If something happens and you are unable to speak for yourself, your living will become legally binding and must be followed.
3. What is the difference between a living will and a last will?
A living will details how you want to be treated medically in the event of an emergency. A last will and testament is a document that outlines how you want your property and assets divided after death. They are two separate documents, and it is important to have both if you want to make sure your wishes are carried out.
4. Does a living will have to be notarized?
No, a living will does not have to be notarized to be valid. However, if you choose to have it notarized, it will be more likely to hold up in court if there is a dispute.
5. Does a handwritten will hold up in court?
A handwritten will is also known as a "holographic" will, and may be valid in some states. Most handwritten or even DIY wills turn out to be invalid or ineffective after death due to not being signed and witnessed correctly. You must seek legal help to ensure that your will is valid.
