The Cost of Making a Will with a Lawyer in New York City

The cost of making a will with a lawyer depends on the state and location. In New York, the average cost of a will is $1500. This includes a consultation with an attorney, estate planning, a healthcare proxy, a living will, and a durable power of attorney. It also includes supervision over the execution of the will.

At times, however, after consultation with the attorney, it may appear that your estate plan also needs a trust. A trust and a will can work together, where the will can account for the distribution of all other property that is not covered by the trust. The average cost of a trust in New York is around $6000.

Wills

A will is a legal document, directing the disposition of a person’s (testator’s) assets upon his death. The will must comply with the formalities mandated by the state. Otherwise, the will will not be admitted to probate, and the testator will be considered to have died intestate. When a person dies intestate, state laws direct who will receive the assets of the deceased. For this reason, a will is necessary to enable someone to order who receives his assets upon his death. Because a will requires compliance with strict formalities, drafting and executing a will under the supervision of a lawyer is always recommended. Many wills have been set aside or have been subject of settlement during objections because the will’s execution was not supervised by an attorney.

Healthcare Proxy and Durable Power of Attorney

A healthcare proxy is a document previously executed by a patient, appointing an agent to legally make healthcare decisions for the patient in case of the patient’s incapacity. The agent begins making decisions when the doctor determines that the patient is no longer able to make decisions for himself. The healthcare proxy is limited to making healthcare decisions, such as providing or removing life-sustaining treatment.

A durable power of attorney, on the other hand, is a power of attorney designed to still be effective even when the principal becomes incapacitated. A durable power of attorney provides for the power to manage the principal’s properties. Because of the important powers and responsibilities granted by the power of attorney, it is important to write specific authorities and limitations in the execution of these powers in order to prevent abuse.

A good lawyer can draft these legal documents to minimize the possibilities of abuse by using appropriate safeguard mechanisms.

Estate Planning

Proper estate planning can help you preserve your assets in the most cost-efficient way. A good estate planning lawyer will not only help you plan for death, but also for incapacity or physical disability, making sure that your assets will not be dissipated in case you are in need of long-term care treatment.

If you are in need of estate planning or the drafting of a will or trust, we, at the law offices of Albert Goodwin, are here for you. We can review and evaluate your assets and recommend an estate plan that includes a mix of trusts and a will for just $1500. This includes an estate plan evaluation, drafting and execution of the will in accordance with state formalities, the preparation of other relevant documents to make a self-proving will, the drafting of a healthcare proxy and springing power of attorney, the preparation of the trust instrument, and transfer of initial properties to the trust. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].