Cost of a will?

[Teggie]

What is the name of your state? Texas

Hello all =))

I have been looking towards getting my affairs in order in case I and/or my husband were to die. I have already made a medical power of attorny & a advanced directive. I am currently checking into life insurance for my husband & I.

I called my lawyer to inquire about a will being made. She does'nt do wills but referred me to a colleague of hers. I contacted the colleague and inquired about a will.

I wanted the following addressed:

I am married, have 3 children, two are from a previous marriage. I wanted my ex to have custody of the older two and my husband to have custody of our son and if we both pass my mother or sister would have custody of our son.

Any life insurance, assests etc would be divided between the 3 kiddos with my husband as executor over my son if he is living, otherwise would be my mom or sister. My older two childrens sums would have my mother/sister as the executor until they reach 21. Since the older two would reside with thier father.

I am not rich, have no expensive stuff, but I will have a life insurance policy and already have educational funds in my children's names.

He quoted me about 250.00.

I am not cheap, but that will take me a bit to save. Is this a comparable cost? Or could there be other resources to look into?

I appreciate any guidance.
Thank you,
Teggie

 

[tranquility]

It must be very specific to location. Where I live, that would be an extraordinarilly good price for a will.

It is so low as to cause me pause. An attorney who practices in that area of the law should make some suggestions to improve your "estate plan". He is the expert as to what you need. True professionals like to hear your goals and then help you design a plan to achieve them. A person coming in and wanting a "will" will be dissuaded as best as possible. If they are not successful, an extensive retainer letter describing how their advice was rejected and limited to only making a will would be required before work.

 

[AL HR]

Did you outline everything to the lawyer. I concur, this sounds low as my parents had a will made recently that was very simple. (One dies, the other gets everything, both die, the adult kids split 50/50) Their will was around $500 if I remember correctly.

One thought I did have is that you are trying to address custody questions with your will. I don't believe custody can be assigned in a will, but someone else may be able to shed light on that for you. (IE Maybe I don't like my ex-husband, so if I die, my son goes to my sister. I wouldn't think that would fly)

 

[Betty]

Lawyers consider many things when deciding on the cost of making a will - how simple or complex your situation is. Many lawyers charge a fee that reflects the time, skill & responsibility involved for example. $250.00 does sound rather low to me also.

 

[Teggie]

Thank you!

Thank you all for the advice. I do appreciate it.

The lawyer I consulted said it would be a "Mom & Pop" type will. He quoted the 250.00 as a ballpark estimate.

Concerning my kids I figured that since my older 2 girls are from my 1st marriage that my ex would automatically take custody of both girls. I just didn't want him managing any of thier money so I would appoint my mother and/or sister as executors of thier trust.

My 3rd child my current husband & I's son would go to my husband if he is living and if both of us die my mother/sister.

Not that I have much, we live paycheck to paycheck but we will have life insurance and the kids educational funds I started some time ago with a Edward D. Jones here.

Sounds like I will start saving for it!

Thank you again,
Teggie