When you’re thinking about planning your estate, one of the first questions that comes to mind is, "How much will it cost?"
The price of creating a legally valid Will or an entire estate plan in India varies depending on several factors, including whether you choose to work with an estate planning attorney or create your own Will.
In this comprehensive guide, we'll explore the costs involved in estate planning, what you can expect to pay for various services, and how much it will cost to make sure your final wishes are honoured.
What Is A Will?
A Will is a legal document that outlines how a person’s assets, such as property, savings, and personal belongings, should be distributed after their death.
It also allows the individual to appoint Guardians for their minor children, nominate an Executor, and specify final wishes.
Why You Need A Legally Valid Will
A legally valid Will ensures that your assets are distributed according to your wishes and reduces the chances of family disputes.
Without a valid Will, your estate could be distributed according to Indian succession laws, which may not align with your preferences.
How Much Will It Cost?
The cost of creating a Will in India can vary greatly depending on the complexity of your estate, the type of Will you require, and whether you choose to hire an estate planning attorney or use a do-it-yourself option.
1. Do-It-Yourself (DIY) Will
For those with simple estates, you can create your own Will using DIY methods like online software programs or templates. In India, many platforms provide basic Will-drafting services online for a flat fee or even for free in some cases. However, it’s essential to ensure that these wills comply with state laws and are legally binding.
- Pros: Inexpensive, quick, and convenient.
- Cons: Might not be suitable for complicated estates, lacks legal review, and may not fully comply with the law.
2. Hiring an Estate Planning Attorney
For a more comprehensive and legally sound estate plan, many people choose to work with an estate planning attorney. This option is more expensive but ensures that all legal aspects are covered, especially if your estate is complex or involves multiple assets, business ownership, or family members who may dispute the Will.
The costs involved when you hire a lawyer to draft your Will include lawyer fees, court fees, and possible notarisation or registration fees.
- Pros: Comprehensive legal advice, minimizes errors, ensures compliance with local laws, suitable for complicated estates.
- Cons: Higher costs, more time-consuming process.
3. Customised Estate Plans
If you require a more complex estate plan that includes setting up Trusts, managing life insurance policies, and other important estate planning documents, the costs will likely be higher.
Working with an attorney and financial advisor can ensure that your estate plan not only covers asset distribution but also includes important tax planning strategies.
- Pros: Tailored to specific needs, incorporates tax strategies, comprehensive estate management.
- Cons: Expensive, requires ongoing maintenance.
What’s Included in the Cost of a Will?
While considering the cost of making a will, it’s important to understand what is included in the price. Whether you opt for a DIY will or hire an attorney, most estate planning documents will include:
- Drafting the Will: The most important step where you provide instructions on asset distribution, guardianship for children, and final wishes.
- Reviewing and Signing: In India, a valid will requires two witnesses to sign in the presence of the testator.
- Storing the Will: Keeping the original will in a fireproof safe or other secure locations to ensure it can be accessed when needed.
Additional Costs to Consider
1. Notarisation and Registration
Although not mandatory, many people choose to register their Will with the local sub-registrar's office. This adds a layer of legal security and helps avoid disputes. There will be additional registration fees involved in this process.
2. Probate Costs
If your estate requires probate, the legal process of authenticating a Will, additional costs such as court fees and attorney fees will arise.
Probate can take time, and the probate process may vary depending on the complexity of the estate.
What Factors Affect The Cost Of Estate Planning?
Several factors can impact how much it costs to create a Will or an estate plan in India:
- Size and Complexity of the Estate: Larger estates with multiple assets, properties, or businesses are more complex to plan and will cost more to manage.
- Family Structure: If you have minor children or multiple family members who will inherit your estate, the planning becomes more detailed.
- Type of Will: A basic Will costs less, while mutual Wills or joint Wills may require additional legal support.
- Legal Assistance: Whether you choose to hire a lawyer or create your Will independently will significantly affect the cost.
- Registration Fees: Registering your Will with the appropriate authorities adds to the overall cost but provides added security.
Choosing Between A DIY Will & Hiring A Lawyer
While a DIY Will might be sufficient for those with simple estates, it’s often beneficial to seek professional advice, especially when significant assets, family businesses, or minor children are involved.
Here are some guidelines to help you decide:
When a DIY Will Is Suitable:
- You have a small estate with limited assets.
- You have no minor children or dependents.
- Your family situation is straightforward with no potential for disputes.
- You are comfortable with the legal requirements of creating a Will.
When You Should Hire a Lawyer:
- Your estate includes a business, multiple properties, or significant financial assets.
- You have minor children or dependents.
- You expect disputes among family members or Beneficiaries.
- You want a more detailed estate plan that includes tax planning, Trusts, or charitable donations.
Yellow: The Happy Medium Between DIY Wills & Hiring a Lawyer
While creating a DIY Will can be cost-effective and hiring a lawyer provides comprehensive legal expertise, many individuals seek a solution that balances affordability with professional support.
Yellow offers the perfect middle ground for those looking to create a legally valid Will without the complexity or expense of hiring a full-time attorney.
At Yellow, we provide an intuitive Will creation platform that allows you to draft a comprehensive Will tailored to your needs. Unlike traditional DIY platforms, Yellow offers access to expert guidance and legal professionals to ensure your Will is legally compliant and accurate. With Yellow, you get:
- Ease of Use: A user-friendly interface that walks you through the will creation process step-by-step.
- Expert Validation: Legal experts available to review and validate your Will, offering peace of mind.
- Affordability: Lower costs than traditional law firms, with pricing options that make creating a Will accessible to everyone.
- Flexibility: Update your Will easily as your life circumstances change, ensuring it always reflects your current wishes.
With Yellow, you don’t have to choose between a basic DIY Will and an expensive legal service. Instead, you get the benefits of both – professional-grade estate planning at a fraction of the cost.
Whether you're planning your first Will or updating an existing one, Yellow provides the support you need to create a legally binding and thorough Will, making the process seamless and stress-free.
How To Make A Will Legally Binding In India
For a Will to be legally binding in India, it must meet the following requirements:
- Sound Mind: The person making the Will must be of sound mind and capable of making decisions.
- Witnesses: The Will must be signed in the presence of at least two Witnesses who are not Beneficiaries.
- Clear Intent: The Testator must express a fixed and persistent intent regarding the distribution of assets.
- Legal Document: It must be written, signed, and comply with all applicable legal requirements.
What Happens If You Don’t Have A Will?
If you die without a valid Will in India, your estate will be subject to the Hindu Succession Act or the Indian Succession Act (depending on your religion), which dictates how your assets are distributed.
In this case, your assets may not be divided according to your wishes, and legal disputes could arise among family members.
Benefits Of Having A Will
Creating a Will offers several advantages:
- Clarity: A Will provides clear instructions on how your assets should be distributed after your death.
- Protects Family Members: Ensures that your family members, including minor children, are taken care of.
- Reduces Conflict: Minimises the potential for disputes among family members.
- Avoids Intestacy: Prevents your estate from being distributed according to succession laws.
The Bottom Line
In summary, the cost of creating a Will in India depends on various factors such as the complexity of your estate, whether you seek legal assistance, and additional expenses like court fees and registration.
For many people, the peace of mind that comes with having a legally valid Will far outweighs the costs involved.
By planning your estate with the help of an estate planning attorney, you can ensure that your assets are protected, your loved ones are cared for, and your final wishes are honoured.
Whether you choose a DIY Will or work with a professional, the cost of creating a Will is a small investment in ensuring that your legacy is preserved.
At Yellow, we can help you with all aspects of estate planning, including Wills, Trusts, Powers of Attorney, Gift Deeds, Legal Heir and Succession Certificates, and Living Wills. We also offer post-demise and asset transfer services. Our team of legal experts has more than 50 years of combined experience.
