How Much Does It Cost for a Will and Trust in Colorado?
Planning for the future includes ensuring your wishes are carried out after you’re gone. In Colorado, creating a will and trust is a key step in this process.
Here is a detailed price breakdown for wills and trusts in Colorado and the different factors that affect the final cost.
How Much Does a Will and Trust Cost in Colorado?
Creating a will or trust in Colorado involves various costs depending on the complexity of your estate and the method you choose to create these documents.
Wills range from $0 to $1,000. DIY or online wills cost between $0 and $100 and are suitable for simple estates with straightforward wishes. Hiring an attorney to draft your will can cost between $350 and $850, and for more complex estates, the cost can go up to $1,000.
The price for simple online trusts for less complicated estates ranges from $160 to $600. For more detailed and customized trusts, especially those involving significant assets or specific conditions, the costs start at around $3,000.
What Goes Into Calculating the Cost of a Will and Trust in Colorado?
There are five costs that go into calculating the final price you pay for a will and trust in Colorado. These include:
- Attorney consultation cost
- Document drafting and reviewing cost
- Notary fees
- Executor charges
- Probate costs
Attorney Consultation Cost
The first step in creating your will or trust in Colorado often involves an attorney consultation.
Many estate planning attorneys in Colorado offer a free initial consultation, during which you can discuss your situation, learn about the lawyer’s experience, and ask any questions you might have.
Some attorneys may charge a nominal fee for the consultation, typically ranging from $100 to $400. The fee covers the time spent discussing your situation and doesn’t commit you to hiring an attorney for further services.
Document Drafting and Review Costs
Attorneys in Colorado charge between $150 and $500 per document to draft a new will or trust. The exact cost depends on the complexity of your situation, the type of document (wills are generally simpler than trusts), and the attorney’s fees.
If you already have existing documents but need them reviewed or updated, Colorado attorneys charge between $600 and $1,650 for the time spent examining your current documents and making necessary revisions.
Notary Fees
A notary public is a person authorized by the state to witness the signing of important documents and verify the signer’s identity. Your will or trust might need a notary public’s stamp to be official and legally binding.
In Colorado, the cost for notary services is around $15 per document. The exact fee depends on the notary and location. Some notaries might charge more, especially if they travel to meet you or provide additional services.
Executor Charges
The executor of your estate is the person responsible for managing and distributing your assets after you pass away.
Executor charges are paid out of your estate after you pass away. This means it doesn’t come out of your pocket at the time you create your will.
The executor’s compensation can be specified in your will. If you don’t specify it, the amount they receive is uncertain and could be more than you want them to receive.
Probate Costs
Probate is the legal process of validating a will and distributing the deceased person’s assets. In Colorado, probate costs can be up to 10% of your total estate value.
The main components of probate costs include:
- Fees paid to the court for filing and processing probate documents
- Per-hour charges of the attorney who manages the probate process
- Costs for appraisals, postage, and other administrative expenses related to managing the estate
What Factors Affect the Cost of Will or Trust in Colorado?
The three main factors that determine how much a will and trust document is include:
- Attorney experience and location
- Type of will/trust
- The complexity of your estate
Attorney Experience and Location
More experienced attorneys usually charge higher fees due to their expertise and track record. Their location also matters. Attorneys in large cities like Denver will charge more than those in smaller towns or rural areas because of higher living and business costs.
Type of Will/Trust
Wills are generally cheaper than living trusts.
In addition, a simple will (which outlines a straightforward distribution of assets) costs less than a complex will (which may include specific conditions, guardianship clauses, or detailed instructions).
Similarly, a simple trust created online is less expensive than a comprehensive trust that requires personalized legal services.
The Complexity of Your Estate
The more complex your estate, the higher the cost of preparing a will or trust. Factors that impact the complexity of your estate include:
- The number of beneficiaries
- Whether you have business interests
- The number and type of assets you own
- Any specific conditions you want to include
Estates with multiple properties, investments, or special circumstances will require more detailed planning and documentation.
Simplify Estate Planning With Birch Grove Legal
How much a will or trust costs in Colorado depends on your needs and the complexity of your estate. The best way to get a personalized quote is to consult an estate planning attorney.
We at Birch Grove Legal work with you to understand your specific needs and create a customized will or trust that meets your goals and protects your loved ones.
Contact us today to schedule a consultation with an experienced estate planning attorney.
