How Much Does a Will Cost in New York?

A will serves as an essential part of estate planning. It enables you to designate how your estate will be allocated after you die. The cost of creating a will in New York depends on multiple factors, such as your estate’s complexity, your attorney’s experience level, and the services you need. Those who wish to create a will may ask, “How much does a will cost in New York?” The answer can help prepare you for the process of creating one.

The Cost of a Will in New York

The last will and testament function as a legal document. It specifies the distribution of a person’s assets and estate following their death. This document allows you to select beneficiaries for your assets, designate an executor to handle your estate, and name guardians for any minor children.

Attorney costs depend on whether they charge hourly rates or flat fees. Legal fees are typically more expensive in areas with elevated living costs, such as Manhattan and Long Island. In Nassau County, which has a median household income of about $143,408, legal fees can be higher because areas such as Great Neck and Roslyn have a greater cost of living.

Probate Costs and Their Effects on Wills in New York

The financial burden of creating a will extends beyond merely drafting the document. Probate is a court-administered process that verifies the will and settles the estate, which results in additional expenses. New York’s probate process usually takes between six months and several years, while court costs depend on the estate’s total value. According to the New York State Unified Court System, probate fees can range between $50 and $500, with the potential for higher charges based on estate value.

Living in Richmond County, for example, with an average home value of $658,500, means you’ll probably pay more in probate fees if your estate includes multiple real estate properties, as the fees will depend on property value. The Supreme Court at 18 Richmond Terrace on Staten Island provides probate services for area residents.

Creating a Will as a Family

When you make a will as a couple or family unit, the expenses will increase, as each person needs their own will. Some may require additional legal documents, like powers of attorney and health care directives. Married couples in Westchester County have a median household income of roughly $118,411. The price for drafting two wills and the associated paperwork for these individuals can range from $500 to $2,000.

The decision to establish a living trust, in addition to a will, makes the estate planning process more complex and expensive for some couples. The cost of establishing a living trust is based on the assets included in it.

New York Laws Regarding Wills

The New York Estates, Powers & Trusts Law (EPTL) establishes the legal requirements for a valid will in the state. According to the New York Estates, Powers & Trusts Law EPTL § 3-2.1, a valid will must be a written document, which must be signed by the testator at the end of it. The testator must be over 18 years old and mentally competent.

The testator needs to sign the will while two witnesses are present, and these witnesses must endorse the document within 30 days. New York allows wills to contain no-contest clauses. These may remove inheritances from beneficiaries who challenge the will, but the law maintains exceptions for challenges that arise from forgery or subsequent revocations.

While costs for wills will vary, depending on a number of factors, the state of New York charges certain fees for processes relating to a will.

• The Surrogate’s Court charges a fee of $45 for filing a will for safekeeping.
• A petition to compel the production of a will requires a fee of $20.
• The cost for making and certifying a copy of a will or any paper on file is $6 per page.

FAQs

Q: Do You Need a Lawyer for a Will in New York?

A: Although there is no legal obligation in New York to have a lawyer draft a will, people can greatly benefit from legal guidance to make sure their will fulfills all state regulations. To be valid in New York, a will must meet certain legal standards. For instance, it requires written documentation, two witnesses, and the testator’s signature. A seasoned estate planning attorney can prevent mistakes that could cause probate conflicts or invalidate the will.

Q: What Is the Average Cost of a Will in NY?

A: In New York, the expense of creating a will depends on:

• How complex the document is
• The attorney’s level of experience
• Any extra estate planning requirements

Estate plans that include trusts and additional provisions cost more than basic wills, which tend to be less expensive. A skilled estate planning attorney can prevent future costs by ensuring your will’s validity and compliance with state law.

Q: How Much Do Most Lawyers Charge for a Will?

A: How much a lawyer charges for a will is based on their level of experience, where they practice, and how complex the will is. Certain attorneys provide flat fees for basic wills, whereas others bill their clients based on the hours they work when providing comprehensive estate planning services. Legal fees tend to be greater in urban areas, such as New York City, compared to other locations within the state.

Q: What Is the Least Expensive Way to Get a Will?

A: The least expensive way to get a will involves utilizing online services or DIY templates. These methods help save money but present risks when the will fails to meet New York State’s requirements. In fact, you or your heirs may end up paying far more, or depleting your assets, if your will is ruled invalid by the state. For added security and reassurance, it is ideal to construct your will with the aid of an experienced attorney.

Contact Greco Law, P.C., Today

Creating a will is an important step in securing your legacy the way you want to. There are many factors that influence how much a will may cost, but it offers you peace and confidence in the end. A lawyer at Greco Law, P.C., can help you with this process. Contact us today for more information.