Lawyers are expensive. Estate planning lawyers are no exception. The average hourly rate for many lawyers is between $300 – $800 while the average simple estate plan starts at $1,000 to $3,000 while more complicated scenarios run as high as $5,000 or more. Based on these numbers, it’s no wonder why several companies have tried to come in to create a simpler and more affordable option.
Trust & Will is one of these companies. It is also one of the newer kids on the block, debuting in 2017. But in those five years, it has quickly achieved its status as king of the hill. In addition to providing options to create common estate planning documents, it also provides a repository of useful information to people trying to create their own estate plan.
Here, you will learn more about Trust & Will, how it works, and whether it might be a good fit for you.
What Is Trust & Will?
Trust & Will’s homepage defines itself as “an online service providing legal forms and information.” Its site also says that it is a team of designers, strategists, developers, attorneys, and entrepreneurs who all share the same goal of helping people leave a legacy.
Common uses of the Trust & Will platform include:
- Making a will
- Making a trust
- Nominating a guardian for minor children
- Prepare advance directives and other medical documents
About Trust & Will
Cody Barbo, CEO and cofounder of Trust & Will, says that the beginning of Trust & Will was in 2017 when he was planning his wedding. He discussed the unexciting topic of wills with his fiancée and said that he had never even thought of writing a will until the impending marriage. He noticed that there was a hole in the marketplace and that many people did not want to spend weeks with an attorney creating a legal document and paying thousands of dollars. He thought there had to be another way, so he and his cofounders embarked on creating it. Noticing that it was being neglected had not thought of writing a will until the marriage.
Cody, cofounder Daniel Goldstein, and the third cofounder Brian presented their idea at San Diego’s largest pitch competition that same year in October. They presented in front of 500 people and made it as one of the top ten finalists, earning them a prize of $5,000. Since that humble beginning, the company has raised millions of financial capital, have relationships with respected entities, and completed the first electronic will in U.S. history.
Additionally, the founders say that they started Trust & Will to help the 150 million adults in the United States who do not have any estate plan, as well as the other 100 million who have plans that are out of date. The founders of Trust & Will hope to serve millions of families to come and to take confusion out of something that seems scary and help people set up their family and legacy for success.
The principles of Trust & Will are to make estate planning:
- Modern
- Affordable
- Accessible to all
Who Prepares Trust & Will Documents?
You do. More specifically, you finish them. Trust & Will documents serve as templates for common estate planning documents. According to Trust & Will, what sets the company apart is that they provide state-specific forms that were created with software that was built with input from lawyers. However, it is up to you to create the form and execute it properly to make it legally valid.
How Trust & Will Works
The Trust & Will platform works similarly to the major tax software products. You answer a variety of questions, and the program spits out relevant information, questions, or forms. Your estate planning documents are generated from the information you input.
Navigate to the homepage for Trust and Will. Select the product you are interested in. For example, if you want to create a trust, you’ll click on “Trust” under the “Estate plan” drop-down menu or on the “create trust” or “create will” buttons throughout the main page. If you’re not sure which document to start with, there is plenty of educational information on the site that can help guide you.
You will then need to create an account by filling in your basic information like name and email address.
Next, you’ll be asked several questions, which you’ll complete by typing in information, selecting from a few choices, or indicating yes or no.
The questions that pop up next are based on the answers you provided:
The program will walk you through the estate planning process, one step at a time.
It will also give you an option to learn more about certain terms or information.
After you have provided all of the necessary information, you will be asked to review all of the information. If something is incorrect or you changed your mind about something, you can go back and edit.
Next, the program will instruct you on your next steps, including how to pay for the documents, receive them, and make them legally enforceable.
After you pay, you can download the documents, but remember that you have to execute them and may have to record them to make them valid.
The program also offers to ship your documents free of charge.
What If I Have Questions While Creating My Trust & Will Documents?
If you have questions while creating your documents, you can click on the “I have a question” button that appears on a page. You can ask a customer service representative your question(s). There is also a chat box on the side of the page that you can open to begin a dialogue with a representative. The customer service representatives are not lawyers, but they may be able to help define terms for you or help you with the technological side of things.
Is Trust & Will an Attorney?
No. The Trust & Will site clearly disclaims “We are not a law firm, and we are not a substitute for a lawyer or law firm.” It also says that it does not provide legal advice or guidance. It says that any frequently asked questions or information it provides on its website is for educational purposes only and should not be taken to understand your legal rights or responsibilities.
The site now offers Attorney Support services in some states. This is where an attorney licensed in the user’s state of residence can answer the user’s questions and review the documents. The attorney does not prepare the documents. Attorney support adds $200 to the cost of the trust or will price.
Trust & Will Pricing
The prices for Trust & Will have went up considerably since the inception of the company and even since the COVID-19 pandemic led to an increase in requests for estate planning services.
In 2020, the cost of a will was $69 for an individual and $129 for a couple. In 2023, the price for a will is now $159 for an individual or $259 for a couple.
In 2020, the cost for an individual trust was $399. Now, it is $599 for an individual or $699 for a couple and payment plans are offered.
Still, the prices are reasonable and typically much less expensive for what an attorney would charge to personally prepare these documents.
Other Estate Planning Documents
The Trust & Will also includes the following estate planning documents:
- HIPAA authorization
- Living will
- Power of attorney
The trust-based estate plan package includes these documents in addition to a revocable living trust:
- Pour-over will
- HIPAA authorization
- Living will
- Power of attorney
- Certification of trust
- Trust funding guide
- Schedule of assets
Trust & Will also provides probate documents at the following price points at the time of publication of this review:
- Self-guided – $600
- Concierge – $1,750
- Attorney – $5,000
Ongoing Planning
Trust & Will allows users to make unlimited changes to their documents free of charge for the first year. The user simply prints out a new set of documents and follows the original execution instructions to make the changes valid.
For ongoing access to make new changes to the documents after the first year, the user can elect to pay $19 for the will plan or $39 for the trust plan.
Pros of Trust & Will
Some of the notable advantages of Trust & Will are:
- Cost – The cost of Trust & Will is very reasonable, considering everything that the user is getting. Even the cost of ongoing access to the documents is less than what most attorneys would charge to conduct an annual estate plan review.
- Speed – People can make these documents in minutes, instead of waiting weeks for them. Users can create, print, and execute estate planning documents very quickly, which is especially helpful if there is an emergency, such as a health crisis in which a person wants to ensure certain documents are in place.
- Convenience – Users can create estate planning documents from the comfort of their own home. They can then complete the final steps at their convenience, instead of in the middle of a workday.
- Simplicity – Most people like the simple interface and ability to create estate planning documents. The information provided along the way helps define any confusing terms.
- Peace of mind – Having a tool like Trust & Will can provide customers with a great peace of mind of knowing that they have nominated a guardian for their minor children or provided for a long-time partner, especially if they do not want to deal with the state’s default rules.
- Customer service – Trust & Will currently has a 4.7/5.0 customer rating. Most customers are satisfied with their experience and the level of support they receive.
Cons of Trust & Will
Some of the potential drawbacks of Trust & Will include:
- May not be appropriate in complex situations – The Trust & Will template is for simple estate plans. It may not be appropriate in complex situations because the software mainly provides the same boilerplate language while interchanging customer details. It also provides only a couple of choices when choices are available at all, which may be very limiting. People who are planning for Medicaid, want to leave an inheritance to a person with special needs, or have a lot of detailed instructions might be better served by working with a lawyer.
- No attorney involvement – For the basic price, you do not receive any support from an attorney. If you have legal questions, you’re on your own, or you can find your own lawyer or pay the extra $200 fee for the service built into the program.
- Potential for abuse – It is entirely possible that a person could misuse the product to print off estate planning documents and have a vulnerable person sign them.
- Problems with the finalization process – Users are sometimes confused about the steps to finalize their document and make it legally binding. For example, they may not know who should or should not act as a witness, how to notarize the documents, where to store them, or how to fund a trust. Without these crucial final steps, they may be left with a very ineffectual document.
Trust & Will Frequently Asked Questions
How Secure Is Trust & Will?
Trust & Will uses bank-level security to protect and encrypt all information that is transferred and stored on the site.
Are My Trust & Will Documents Legally Enforceable?
Trust & Will says that it hired lawyers to help build the software that creates its trusts and wills. However, there is no guarantee that any legal document will be legally enforceable until it is challenged in court.
Are There Alternatives to Trust & Will?
Yes. There are several alternatives to Trust & Will that provide similar services, including:
- LegalZoom
- Gentreo
- LawDepot
- Rocket Lawyer
- U.S. Legal Wills
- Fabric
- Everplans
- FreeWill
- Do Your Own Will
These services may cost more or less and provide more or fewer services.
Additionally, some people use will or trust kits they find at office supply stores, which might not be state-specific. Using an attorney to prepare estate planning documents is the traditional method.