Average Cost of Will and Trust in Florida

Though thinking about morality and the end of your life can feel overwhelming, it is important to confront these topics so you can begin building your end-of-life plan. Part of this plan will involve how you would like your property distributed to your loved ones following your death. A will and a trust are two methods of ensuring your wishes are followed after you are gone. With this information, you may be wondering about the average cost of a will and trust in Florida.

Average Cost of a Will in Florida

Depending on your needs, a will can cost as little as nothing and as much as $1,000 or more. There is a large range for the average cost of a will in Florida, mostly because there are several factors that can impact the total cost. Some of these factors include:

• Type of will: In some instances, a handwritten will can be accepted as valid if it meets certain requirements. This will typically be the cheapest option. DIY templates can be found online. You can also work with an experienced attorney to draft your will.
• The value of the estate: A large estate will generally result in a more complex will with a greater cost to create. A large estate may also mean the addition of documents like a living trust.
• Distribution complexity: A will that only has a few beneficiaries with a straightforward inheritance will typically cost less than a will with many beneficiaries and complex inheritance rules.
• Additional provisions: Customizing a will with provisions like guardianship for minor children, detailed instructions, or charitable donations can increase the cost of making a will.

Speaking with an estate planning attorney is likely the most efficient way to determine how much a will could cost to create for your specific circumstances.

Average Cost of a Trust in Florida

The average cost of creating a trust depends on the type of trust you need. There are several types to choose from, including:

• Irrevocable Trust: An irrevocable trust cannot be revoked or changed after it is established, but it is useful in protecting assets from creditors and minimizing estate taxes.
• Revocable Living Trust: Property held within a revocable trust avoids probate and allows asset management during the grantor’s lifetime. It can be altered or revoked at any time.
• Testamentary Trust: Created with a will, a testamentary trust activates upon the grantor’s death to manage asset distribution. Though the property held in this type of trust does not avoid probate, it does allow for more controlled inheritance.

The average cost of creating a trust is highly variable, but it can be expected to cost more than a basic will. It is not uncommon for professionally made trusts to cost $1,000 or more to create due to their complexity and customization, but there are cheaper DIY options available.

More Than Money

As mentioned above, it can cost less financially to make your own will or trust. There are several online resources that can help you create your own; however, there is more to consider than just the financial cost when building an estate plan.

It is not a simple matter to create a will or trust. When choosing a DIY option, you will need to create your own document. There is likely to be a massive time investment associated with it, especially since you will need to cross-reference the documents you create with the applicable Florida statutes.

The Importance of Legal Support

Creating a will or a trust without the support of an experienced attorney can lead to issues that cause a delay in probate. In some circumstances, the documents can be declared invalid. This means your will and trust are open to legal challenges, and your property may pass according to the law instead of how you would like your property split. Though one study found only three percent of wills filed in the US are contested, you do not want your will to fall into this category

Ultimately, working with an attorney can save you valuable time and provide the peace of mind that may be missing with DIY solutions.

FAQs About Will & Trust

Q: Is It Important to Have a Will?

A: It is important to make a will. In 2024, only 24% of Americans had a will. If you do not have a will in place, it is easier for people to challenge your wishes. Even if you have communicated your wishes to your loved ones, grief can cloud their judgment after your death. Implementing a valid will can help ensure your wishes are carried out, regardless of the circumstances.

Q: What Is the Cheapest Way to Make a Will?

A: The cheapest way to create a will is to handwrite it; however, a handwritten will must have the signature of the testator and two witnesses to be considered valid. There are also low-cost online DIY options. It is important to note that though these options have lower financial costs, there are other costs. You will need to dedicate your valuable time to creating the will from scratch, and it may be found invalid during probate.

Q: Is It Better to Have a Trust or a Will in Florida?

A: Determining whether a will or trust, or even both, is the most effective choice for your estate plan depends on several factors. In many instances, a combination of a will and a trust will meet most individuals’ needs. It’s important to consult an experienced attorney for help with your specific situation.

Q: What Assets Can Be Placed in a Trust in Florida?

A: There are many assets that can be placed in a trust in Florida, but the specific assets that can be put in a trust depend on the type of trust. In general, however, the types of assets that can be placed into a trust include real estate, personal property, intellectual property, business interests, bank accounts, and life insurance policies.

Estate Planning You Can Count On

Creating a will and a trust may only be a part of developing a comprehensive end-of-life plan that helps ease your loved ones into life without you. Developing a clear and legally valid estate plan helps ensure your loved ones know your wishes and that your wishes are carried out after your death. Other parts of a complete estate plan that a knowledgeable attorney can help with include powers of attorney, creating the right type of trust, and healthcare directives.

If you are beginning to build your estate plan or need to change your current plan, the Law Office of Douglas A. Oberdorfer, P.A., is ready to help. With over 15 years of experience helping our community create estate plans, you can rest assured that our knowledge and compassion will ease this difficult process. Contact our office today to begin communicating about your wishes for your estate.