Estate planning in New York usually costs $600 - $5,650, including attorney fees. But these costs can vary depending on how complex your estate is, and which documents you create.
Trust creation
- Setting up a trust might cost about $600 or more, but can run into thousands of dollars.
Will writing
- Writing a will can cost as little as $200, up to over $1,000.
Healthcare directive
- Making a healthcare directive could be between $250 and $300.
Power of attorney
- Setting up a power of attorney could be about $375.
These are average costs. The actual price can change based on your specific needs.
1. Initial consultation: $50 - $550
Many attorneys in New York offer a free initial consultation, but some will charge. This fee usually ranges from $50-$550. This consultation might be used as a filter to make sure that you are “serious” about the process.
At Snug, you can get started for free and only pay when you’re ready to finalize your documents.
2. Estate plan drafting: $600 - $5,000
Drafting an estate plan means making important documents. These include a will, trust, power of attorney, and health care directive.
In New York, the total cost to make these documents can run from $600 to $5,000 or more. This depends on how complex your estate is and the lawyer's experience.
Making a will can cost $200 to $1,150.
Trusts are usually more expensive. A simple trust can cost $600 in New York. A more complex trust with lots of complex assets (such as businesses) can cost around $4,000, because it involves more work for your attorney to set up.
At Snug, making a Power of Attorney and Health Care Directive is free for all members. A Will costs $195. A Trust costs $500.
3. Document review: $300 - $2,250
If you need to check or change your estate planning papers, lawyers in New York usually ask for $300 to $2,250. This price changes based on how many documents you have and how big the changes are.
Simple changes, like updating a name or address, might be cheaper. More complex updates, like changing beneficiaries or asset distributions, could cost more because they need more work.
At Snug, you can upload your existing estate planning documents. We'll give you a personalized plan to update and maintain each document.
4. Individual document preparation: $100 - $550
In New York, the price to make one document, like a will or power of attorney, is between $100 to $550. (Trusts can cost a lot more.)
The cost of each document varies based on how complex the document is and your lawyer's fees.
If you already have some estate planning done and just need a few more papers, this could be a good choice. But, making all documents at once is usually cheaper.
At Snug, you can make single documents or full estate plans anytime. Making a Power of Attorney and Health Care Directive is free for all members. A Will costs $195, and a Trust costs $500. This option can save money for many families and ensure everything is taken care of.
5. Trust administration: $900 - $5,650
When the "grantor" (the person who made the trust) dies, the trust has to be "administered", which means managing its assets and distributing them to the beneficiaries according to the instructions in the trust.
In New York, the cost for this work can be $900 to $5,650 or more. It depends on how complex the trust is and what needs to be done.
This fee can pay for:
- making a list of all assets in the trust — this includes things like houses, bank accounts, investments, and personal items
- valuing assets, if needed
- paying any debts or bills the trust owes
- filing tax returns
- distributing the assets left to the beneficiaries — this might involve drafting new legal papers or working with banks to change account owners (this is called "transfer on death", and New Yorkhas specific laws about it)
- dealing with legal problems — if someone contests the trust, the lawyer might need to defend it in court
The cost of maintaining a trust in New York: usually a percentage of assets
A trust needs regular care to keep working as it should. This includes some ongoing costs.
Running costs: 0.5% to 2% of the trust's value
Trustees, who take care of the trust, get paid. They might get a set fee every year or a part of the trust's value. In New York, this is usually 0.5% to 2%.
Investment fees: 0.25% to 1% of the money being managed
If the trust makes money through investments, there are fees for that. These are usually 0.25% to 1% of the money being managed.
Legal and accounting help: can be $2,000 to $5,000
The trust needs to keep up with laws and keep its books in order. This means paying for legal and accounting help every year, which can cost $2,000 to $5,000.
6. Probate: $1,800 - $7,900
Probate is the legal process a person's estate goes through after they die. It involves:
- checking that the will is valid
- listing and valuing the assets in the estate
- paying off debts and taxes
- distributing the assets in the estate
- handling any legal disputes over the will
Some of these things can be complicated.
For example, if the estate includes complex assets like businesses, the valuation part can become difficult and time-consuming.This difficulty can be reflected in the costs. In New York, the average cost for probate can be $1,800 to $7,900 or more.
Probate lawyers might also charge a percentage of the value of the estate.
7. Hourly legal advice: $200 - $400 per hour
For ongoing advice or assistance from an attorney, you might be charged an hourly rate. In New York, an estate planning attorney typically charges between $200 and $400 per hour.
8. Flat fee services: $300 - $3,000
Some attorneys offer flat fee services for specific tasks, such as preparing a basic will or trust. In New York, an estate planning attorney typically charges between $300 and $3,000 or more, depending on the complexity of the task.
9. Court fees: $100 - $500
If your estate planning involves court proceedings, you'll have to pay court filing fees. In New York, court filing fees can range from $100 to $500 or more.
Court filing fees are affected by:
- how complex the estate is
- the type of court process needed
- the estate's value
- any extra steps the court needs
Different jurisdictions might charge different amounts, and for some estates you'll have to file more than once. All of these things can increase the cost.
10. Notary fees: $2 - $6
Lastly, many estate planning documents require notarization. In New York, you can expect to pay between $2 and $6 per document for notary services.
