How Much Does Making a Will Cost? A Comprehensive Guide

Throughout our lives, we invest considerable resources to ensure the financial security of our loved ones. At every step, we carefully weigh our decisions and dedicate thoughtful consideration to the question of cost-effectiveness. In this sense, a will represents the ultimate step in the range of solutions we implement for our family's safety net. Here too, the eternal question arises: how much is this going to cost us? Despite the unquestionable importance of a will, concern about the costs this step entails is only natural. To help you navigate this challenge and understand how much it costs to make a will, we have compiled this concise guide that outlines all the factors that together determine the cost of drafting one through a lawyer specializing in wills.

Related Ancillary Services

In addition to drafting the basic will, there may be additional services and fees related to the estate planning process. For instance, certain testators may choose to incorporate an enduring power of attorney alongside their will, appoint estate administrators, or require other procedures that involve additional attorney fees. Similarly, certain administrative fees may apply, such as notary fees or registration fees for depositing the will with the Israeli Ministry of Justice - all of these may apply depending on the chosen course of action.

If you chose to receive dedicated legal counsel regarding complex issues before drafting the will, your attorney may charge an additional cost for consultation hours, document review, or any other legal service included in your estate planning process. Therefore, it's important that we consider all potential services and fees when estimating the total cost of will preparation under Israeli law.

Updates and Maintenance

The will's text may change after its initial creation. Ongoing updates and maintenance are essential for adapting the document to changing circumstances, such as births, deaths, or changes in financial status, and may require redrafting with corresponding costs. Additionally, the type of will involves ancillary costs, such as notary fees (in the case of a will before authority). If we decide to deposit the will with the Israeli Inheritance Registrar, additional costs will apply in this case as well.

Type of Will

The type of will may also impact the cost. For example, a will before authority (tzava'ah bifnei rashut) will also incur notary costs. In contrast, a handwritten will (tzava'ah be-ktav yad) is done completely independently and therefore won't cost you a single shekel.

However, it is strongly recommended to obtain legal advice before drafting a will on your own to ensure it is indeed unambiguous, free of any potential for disputes, and reflects your wishes in the clearest possible manner. Alternatively, the most cost-effective option might be to draft a mutual will that covers the needs of both spouses.

Usually, the cost will be lower than drafting two separate wills for both spouses, even if it's a relatively complex will. This is an option that will allow both addressing shared needs, refining your instructions, and saving on costs.

How Much Does a Will Cost

Ultimately, the answer to the question of how much a will costs is not derived solely from the nature of circumstances and the testator's needs. Each attorney may charge varying fees. Often, these costs also reflect professional experience, expertise in complex scenarios, and the professional team at their disposal.

An attorney specializing in inheritance law with years of experience handling complex wills may charge higher costs. However, we acquire through this difference their expertise and ability to provide comprehensive counsel, examine potential scenarios, and ensure all these are reflected accurately and comprehensively in the will.

An attorney specializing in the field who brings dedicated legal knowledge will be able to provide you with comprehensive advice even before drafting the will. It's important to clarify that this knowledge is invaluable and may significantly impact both your estate assessment and planning and the accuracy and efficiency of the will. During the legal consultation, the attorney will help you understand the most significant goals for you, map all beneficiaries and heirs, and allocate assets in a way that best reflects your wishes.

This is an important opportunity to conduct a comprehensive assessment and draft a complete and final legal document. Many testators tend to change their wills over the years when they realize the previous will didn't cover all considerations.

When we receive dedicated counsel from a professional specializing in the field, we improve the chances that this will be the final will. In this sense, the investment in an expert attorney may save us costs down the road.

How Much Does Making a Will with an Attorney Cost?

The price of a will in most cases will range around 3,000 NIS, depending on the will's complexity, ancillary costs, and the attorney's reputation. As additional related services are required later, additional costs will be added. If you wish to save this money and draft the will yourself, we recommend reading the article "How to Write a Will - Key Points."

How Much Does a Mutual Will Cost

A mutual will (tzava'ah hadadit) is a popular option for married couples or common-law partners. Generally, the cost of drafting a mutual will ranges between 4,000 to 6,000 NIS, depending on the complexity of assets and the spouses' wishes. Although this amount is higher than the cost of a regular will, it is still cost-effective compared to drafting two separate wills. A mutual will allows the couple to coordinate their wishes and ensure the estate is managed in a coordinated and efficient manner after one spouse's death. It also provides greater security for the surviving spouse, as it clearly defines their rights and obligations. However, it's important to remember that a mutual will limits the ability to change the will in the future without the other spouse's consent, so the long-term implications should be carefully considered before choosing this option.

Summary

The cost of a will is influenced by numerous factors. Beyond the financial implications, we may face inherent emotional challenges in the process. Therefore, it's important to ensure we collaborate with an attorney who brings not only extensive legal expertise but is also endowed with sensitivity and attentiveness.

Israeli citizens should note that unlike other countries, Israeli law requires specific procedures and registrations that may affect overall costs. The Israeli Family Court system and inheritance laws have unique characteristics that necessitate specialized knowledge from practitioners familiar with Israel's legal framework.

Frankel Amsalem & Associates Law Firm invites you to a personalized, sensitive, and uncompromisingly professional process for will drafting. For additional information, you can leave your details here now or in the form at the bottom of the website.