The legal costs do not have to be prohibitive, says Stacey Decker, a financial adviser for Merrill Edge in Oak Lawn, Illinois. An estate plan, including a trust, healthcare proxy forms and power of attorney designations, can run as low as $2,000.
The process can take as little as a day. Liz Messianu, an attorney Lubell Rosen in Miami, Florida, drafted a will in one day for a traveling international client who was worried in the wake of Prince's death. Most wills take a few weeks to complete.
Plenty of lawyers will do a free consultation to determine your needs and then can estimate the price. A simple will without a trust can cost as little as $400, says Messianu.
The cost differential of drafting a will versus going through probate can be staggering. "If I told you, you'd fall off your chair," adds Messianu, who has seen probate costs balloon past $50,000 for an estate of $1 million.