Really Good Wills’ only product is just that, really well crafted wills But a will isn’t necessarily the best choice for you.  While of course, we are an awesome solution for folks, we also recognize that our solution in the wrong situation, isn’t going to be a solution at all. Your specific circumstance may call for a revocable trust instead of a will, and we want to be sure you get the product that best fits your needs.In fact, we’re so committed to this ideal, that every potential RGW customer takes our pre-assessment survey to ensure that our product is the right fit for your circumstance. We hope this several part installment comparison will be helpful in determining whether a will or a revocable trust is your best option.

This is the first part in a series of blog posts that compare wills and trusts in the following areas: 1. Cost, 2. Post-Death Process, 3. Getting Money to Minors, 4. Maintenance, 5. Family Situation, 6. Taxes, 7. Asset Protection, 8. Later Acquired Assets.

Pt. 1 Cost

Wills are always going to be less expensive than their trust counterpart. For example, on DIY websites like Legal Zoom and Rocket Lawyer, wills are generally half the cost of the trust option. The trend is the same at law firms.

Will bundles on DIY websites generally range from around  $150-$300, whereas trust bundles fall more in the $200 - $500 range. Law firms are generally going to be a range of $750 - $1500 for will packages and $2000 - $4000 depending on the complexity and quality of the revocable trust. It’s difficult to concretely compare the value of these services because case by case  content of the documents varies.

Wills are less expensive because they are simpler. Wills are “set it and forget it” documents where you essentially create instructions for someone else to carry out when you die. Trusts on the other hand, both create the instructions AND require that you do some of the work now.  This makes trusts more time consuming and complicated. 

Additionally, trusts tend to have maintenance costs associated with them in the form of retitling (i.e. making the deed of your house or the names on your bank account reflect ownership by the trust rather than you individually) assets throughout your life. For example, if you were to buy a house, you’d need to deed  (ensure that the title to the house reflects that the trust owns the house not YOU individually) that house into the trust. If you have shares in a company, they would need to be titled (again, this means that the shares list the trust and not you as an individual as the owner) into the trust, and each of these actions often comes with both a time and financial cost. 

Winner on Cost: Wills