How Much Does it Cost to Amend a Will?

Creating a will is a critical part of estate planning. However, as life progresses and circumstances change, you may need to amend your existing will. The cost associated with changing a will can vary significantly depending on the complexity of the changes required, your state law, and more. So, if you’re an older adult who has questions about amending your will, we’ve got all your answers! Here’s everything you need to know.

What Is a Will?

First and foremost, let’s discuss what wills actually are and the purpose they serve. A will is a local document that outlines your wishes, ranging from asset distribution to care for minor children and all other manner of personal matters. It’s an essential part of estate planning and a way to ensure that your estate and assets are distributed exactly how you want them. A named party in the will, known as the executor, manages and oversees the decedent’s assets and estate. There are several types of wills, up to and including:

1. A Basic Will

A will in its most simplified form is a legal document that anyone can write. This type of will may be perfect for individuals with small, uncomplicated estates and few assets. You can even write them on your own paper or stationery! However, always seek appropriate legal counsel for your situation.

2. Testamentary Trust Will

This type of will places assets into a trust for your beneficiaries and assigns a trustee (or trustees) to oversee it. It’s typically conditional. This means that the beneficiaries cannot claim their inheritance until certain factors are met, such as a minor reaching the age of majority. While it’s a cost-effective will option, it’s important to note that the probate process is unavoidable with this type of will. The trustee must also go to probate annually, making it a complicated and potentially stressful situation for those involved.

3. Joint Will

As the name implies, a joint will is when two people sign a will together to create a shared estate plan. This will can be a relatively inexpensive and convenient way to outline a married couple’s individual wishes in one, comprehensive document. However, joint wills can become complicated if a surviving spouse wishes to change or amend the will. Joint wills cannot be amended under any circumstances, making them slightly more complex than other wills.

4. Living Will

A living will is a document that allows the testator to designate a party to handle medical treatment and decisions on their behalf, in the event they become incapacitated. This can be a great way to ensure you’re treated with dignity and receive the appropriate medical care even if you cannot advocate for yourself.

What Kind of Changes Would Require a Will Amendment?

Now that we’ve gone over the various types of wills, let’s discuss what life changes may require amending a current will or writing a new one altogether. First, it’s important to note that you don’t even have to experience a major life change to update your will! In fact, estate planning experts recommend that you should review your will and other estate plans every three to five years. Of course, it goes without saying that major life events should inspire you to amend your will. Changes that may necessitate amendments to your will include:

• Marriage
• Divorce
• Death
• Birth of a child and grandchild
• Death of a beneficiary
• New legislation passed
• A move to another country

So, How Much DOES it Cost to Amend a Will?

While the answer to this question may seem pretty straightforward, there’s no “fixed number” that we can readily provide! That’s because it really depends on a wide range of factors—including what method you use, what state you live in, and the complexity of the changes involved. So, let’s discuss the various methods of amending a will and the costs associated with them.

1. Using a Lawyer

Hiring a lawyer to amend your will can offer peace of mind. After all, they’re the experts for a reason! Lawyers may charge a wide range of fees, but it’s pretty common for the cost to be anywhere between $100 to $500. This cost can increase if your estate is complex or if you wish to make extensive changes. Additionally, some attorneys may charge a percentage of your estate’s value.

2. DIY Approach

If your estate is straightforward and the changes you wish to make are simple, you might consider amending your will yourself. There are various software programs available that guide you through the process of creating a new will, typically costing between $100-200. However, make sure you follow all legal requirements for your state to ensure the will’s validity!

3. Online Legal Services

Online legal services like Trust & Will offer another alternative. With such platforms, documents are prepared by attorneys and estate planning experts, providing a balance between DIY and hiring a personal attorney. Trust & Will, for example, charges members $19 per year to make unlimited updates and changes to wills.

Can I Amend a Will without Using a Lawyer?

You absolutely can! While you can always go for the DIY option mentioned above, there are several other methods of amending a will that don’t involve a lawyer or any astronomical fees. Some of those methods include:

1. Write a new will.

That’s right—if you want to avoid lawyer fees, you can simply write a new will altogether. The act of writing a will invalidates the old one, granting you a fresh start. This can be a great option if you have significant or complex changes or add-ons. Of course, always remember to check your state’s laws and requirements for wills and other legal documentation.

2. Make a codicil.

A codicil is kind of like a legal “P.S.”—it allows you to add and make changes to your existing will without actually starting fresh. It will still require your signature and the signature of two additional witnesses. This is a great option if you have only a few small or minor changes to make. While you can always have a lawyer draft a codicil, you can write one yourself. However, always make sure you check your state’s law in regard to wills! In some instances, it may be prudent to sign your codicil in the presence of a notary. It’s always better to safe than sorry, so make sure you do your research!

Looking for More?

Amending a will is a crucial task that ensures your estate planning reflects your current wishes. Whether you decide to hire a lawyer, use an online service, or do it yourself, make sure the changes comply with the legal requirements in your state! When in doubt, it’s always best to consult with a legal professional. Still looking for more information about wills? Then check out these great articles next:

• How to Change the Executor of a Will
• 67% of Adults in the US Have No Will – What Happens if You Die Without a Will?
• 10 Things Baby Boomers Need to Know About Writing a Will
• What Are the Most Common Mistakes with Estate Planning?

Online Legal Services & Resources

If you’re on the hunt for even more legal resources and services, check out these great websites next:

• LegalShield
• LegalZoom
• FindLaw
• Rocket Lawyer

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