You know that feeling when you have something important to do, but you keep pushing it off? Like that bill you don’t want to open because you’re afraid of what you’ll see? That’s exactly how I felt when I first started looking into estate planning costs.
It’s one of those things no one wants to think about. I get it. It’s easy to assume it’s something for later—or worse, something only rich people need. But here’s the truth: if you have a family, a home, or anything you want to protect, you need an estate plan. And yes, it costs money. But the cost of not having one? That can be so much worse.
I learned that the hard way when my uncle passed without a plan. His kids spent over a year in probate court, fighting red tape and losing thousands in legal fees. What should have been a time of mourning turned into a financial and emotional nightmare. And all of it could have been avoided with a little planning upfront.
So let’s talk about it. How much does estate planning really cost? What are you actually paying for? And most importantly, how can you make sure you’re getting the most value for your money?
Read More: Estate Planning Financial Advisors: Are They Worth It?
How Much Does Estate Planning Cost?
Let’s break it down in simple terms. Think of estate planning like getting your car serviced—some people just need an oil change, while others need a full engine rebuild.
A basic will? That’s your oil change.
A trust, tax planning, and attorney guidance? That’s your full service, engine tune-up, and insurance coverage all in one.
The cost of estate planning depends on:
- The complexity of your estate (do you have a house? A business? Multiple properties?)
- Who you hire (a DIY online service will be cheaper than an attorney)
- Additional planning tools (trusts, power of attorney, healthcare directives)
Here’s a general breakdown of what you can expect:
- Basic will: $300 – $1,500
- Will + power of attorney + healthcare directive: $1,000 – $3,000
- Revocable living trust (to avoid probate): $2,000 – $5,000
- Irrevocable trust (for tax savings & asset protection): $3,000 – $10,000
- Estate planning attorney fees: $200 – $500 per hour
It’s not exactly pocket change, but here’s the key: spending a few thousand now can save your family tens of thousands (or more) later.
The Cost of Trusts: Is It Worth It?
I used to think trusts were only for billionaires, but I was wrong. A trust is just a legal way to make sure your assets go exactly where you want them to, without a court getting in the way.
Trusts help:
- Avoid probate (which can take months or even years)
- Reduce estate taxes (so the government doesn’t take a massive cut)
- Protect minor children or special needs dependents
But yes, they come at a price:
- Revocable Living Trust: $2,000 – $5,000
- Irrevocable Trust: $3,000 – $10,000
- Special Needs Trust: $3,000 – $6,000
- Charitable Remainder Trust: $5,000 – $10,000
Here’s the thing—a trust isn’t just about money; it’s about peace of mind. Imagine knowing that your family won’t have to go through a stressful legal process while grieving. That’s what you’re really paying for.
The Hidden Cost of Probate
If you don’t plan ahead, your estate could get stuck in probate—a slow, expensive legal process that locks up your assets until the courts sort everything out.
Most people don’t realize how much probate can drain an estate:
- Court filing fees: $200 – $1,500
- Attorney fees: 3% – 5% of the estate’s value
- Executor fees: 1% – 5% of the estate’s value
A $1 million estate in California can rack up over $46,000 in probate fees—money that should have gone to the family. The worst part? Probate takes months, sometimes even years.
How to avoid it: Setting up a trust instead of just a will can help bypass probate entirely.
Hiring an Estate Planning Financial Advisor: What’s the Cost?
If you’ve got a large estate, a business, or tax concerns, hiring a financial advisor who specializes in estate planning can be a game-changer. They help you:
- Structure your estate to avoid high taxes
- Ensure your assets transfer smoothly to your heirs
- Protect your business and investments
Here’s what some of the top estate planning financial advisors charge:
Fisher Investments – Best for High-Net-Worth Individuals
- Charges 1.25% on the first $1 million, lower for larger estates.
- Example: If you have a $2 million portfolio, expect to pay $24,375 per year.
Vanguard Personal Advisor Services – Best for Budget-Conscious Clients
- Low-cost option at 0.35% – 0.40% annually.
- Example: A $500,000 portfolio pays about $1,750 per year.
Edelman Financial Engines – Best for Business Owners
- Custom pricing based on business succession needs.
- Great for multi-business owners looking to avoid estate tax nightmares.
Charles Schwab Private Client Services – Best for Ultra-High-Net-Worth Estates
- Tiered fee structure starting at 0.30% for the first $5M, then dropping lower.
- Ideal for estates $10M+ looking for tax-efficient trust strategies.
How to Save Money on Estate Planning
I know—estate planning isn’t cheap. But there are ways to cut costs without cutting corners.
- Bundle services – Just like bundling home and auto insurance, many attorneys offer estate planning packages at a discount.
- Use online tools for simple estates – Websites like Trust & Will, LegalZoom, and Nolo offer affordable will and trust services.
- Set up payable-on-death (POD) accounts – This lets your loved ones access funds immediately, without probate.
- Review and update your estate plan regularly – Laws change, and an outdated plan can lead to costly fixes later.
Is Estate Planning Worth the Cost?
If you’re on the fence, let me ask you this:
Would you rather pay a few thousand dollars now to protect your estate, or would you rather leave your family with a financial and legal mess that could cost them tens (or even hundreds) of thousands?
Estate planning isn’t just about money—it’s about making things easier for the people you love.
It’s about making sure:
- Your spouse isn’t left scrambling to figure out your finances.
- Your kids don’t have to fight in court over your assets.
- Your business doesn’t collapse because there was no plan.
I know the upfront cost can feel like a lot, but when you really think about it? The cost of not doing it is so much higher.
Final Thoughts
Look, I get it. Estate planning isn’t fun, it isn’t cheap, and it isn’t urgent—until it is.
So if you’ve been putting it off, consider this your sign. Start small, ask questions, and get the right help if you need it. Your future self—and your family—will thank you.
