Estate planning is one of the smartest financial steps you can take to ensure your wishes are honored and your loved ones are cared for after you're gone. However, many people aren’t fully aware of what estate planning entails in terms of costs. Between Wills, Trusts, notaries, and updates, it can be confusing to understand what you’re actually paying for and why.

Here’s a simple, 3-minute guide to all the costs involved in estate planning, using current national averages and Oak GenWealth’s pricing.

1. The Cost of a Will

A Will is a vital document that directs where your assets go and who will handle your affairs after your passing. It’s one of the first steps in estate planning, but it’s important to note that a Will does not avoid probate.

Typical Costs:

• DIY Online Will: $200 – $600
• Oak GenWealth Guided Will: $600
• Attorney-Drafted Will: $300 – $1,200+

While a Will is essential, it’s often only the starting point. If you want to avoid probate, a Living Trust may be necessary.

2. The Cost of a Living Trust

A Living Trust is a powerful tool that helps your family avoid probate, keeps your affairs private, and speeds up the distribution of assets. It’s an essential part of a comprehensive estate plan for those with larger estates or more complicated situations.

Typical Costs:

• DIY Online Living Trust: $250 – $1,400
• Oak GenWealth Guided Living Trust Package: $1,400
• Attorney-Drafted Trust: $2,000 – $6,000+
• Advanced or Tax-Based Trusts: $7,500 – $15,000+

DIY trust costs can vary widely. Some people only need a basic template, while others require a comprehensive package to meet their specific needs.

3. Powers of Attorney (Financial & Medical)

Powers of Attorney (POA) give someone you trust the authority to make financial or medical decisions on your behalf if you become unable to do so.

Typical Costs:

• DIY POA: $20 – $50 each
• Attorney-Drafted POA: $150 – $400 each
• Included in Oak GenWealth’s Will & Trust Packages: Yes

These documents are crucial for ensuring that decisions can be made for you, even if you are incapacitated.

4. Advance Medical Directive / Living Will

An Advance Medical Directive (or Living Will) outlines your wishes for medical care, including life support and end-of-life decisions. It’s a key document in ensuring your medical preferences are respected if you can no longer communicate them yourself.

Typical Costs:

• DIY: Free – $50
• Attorney: $150 – $500
• Included in Oak GenWealth Packages: Yes

Including this document in your estate plan provides peace of mind that your medical wishes will be followed.

5. Notary & Witnessing Fees

Most estate planning documents, such as your Will and Trust, must be notarized, and some states also require witnesses to sign them.

Typical Costs:

• Notary: $10 – $50
• Mobile Notary: $25 – $75
• Witnesses: Usually free

While these fees are relatively small, they are necessary for ensuring that your documents are legally binding.

6. Funding the Trust (Most People Forget This Step)

Creating the Trust is only the first step — you must also fund the trust by transferring assets into it. This step is often overlooked, but it’s crucial for ensuring the trust works as intended.

Typical Costs:

• Property Deed Transfers: $50 – $300 per property
• Attorney Assistance (optional): $150 – $400/hour
• Financial Account Retitling: Usually free

If you don’t fund your trust, it could still go through probate, defeating its purpose.

7. Probate Costs (If You Only Have a Will)

Without a Trust, most estates will go through the probate process, which can be costly and time-consuming.

Typical Costs:

• Court Filing Fees: $500 – $1,200
• Attorney Fees: $3,500 – $15,000+
• Executor Fees: Varies
• Appraisal & Accounting Fees: $250 – $1,000+

A Living Trust can dramatically reduce these probate-related expenses, saving your family both time and money.

8. Updating and Maintaining Your Plan

Estate plans don’t require annual fees, but they should be updated periodically, especially after major life events such as marriage, the birth of children, buying property, or divorce.

Typical Costs:

• Minor Attorney Updates: $200 – $500
• Major Amendments: $500 – $1,200
• Updates Through Oak GenWealth: Low-cost or included, depending on needs

Keeping your estate plan up-to-date ensures that it reflects your current wishes and circumstances.

9. Total Cost Summary

• DIY Online Will: $200 – $600
• Oak GenWealth Guided Will: $600
• Attorney-Drafted Will: $300 – $1,200+
• DIY Online Living Trust: $250 – $1,400
• Oak GenWealth Guided Living Trust: $1,400
• Attorney-Drafted Trust: $2,000 – $6,000+
• POA (DIY): $20 – $50 each
• POA (Attorney): $150 – $400 each
• Notary & Witnessing Fees: $10 – $75
• Funding the Trust: $50 – $300+ per property
• Probate Costs (If No Trust): $3,500 – $15,000+
• Estate Plan Updates: $200 – $1,200

Final Thoughts

Estate planning costs can vary depending on the complexity of your needs, the tools you choose, and whether you opt for DIY solutions or professional guidance. But regardless of the costs, the peace of mind you gain from having an organized, legally sound plan in place is priceless.

Whether you choose a guided trust, a fully DIY approach, or seek attorney support, the most important step is simply getting started. The sooner you create your estate plan, the better prepared you and your family will be for the future.