Why You Need to Make a Will

Interview prospective attorneys, asking for references and a fee schedule before agreeing to anything.

Your attorney may charge based on an hourly rate, or he or she may have an established flat fee for straightforward drafting of a will. The total cost will vary greatly depending on where you live, but you can expect something in the range of $500 to $800.

However, if you have a large estate (i.e., you have more than $1 million in assets, which is the threshold for estate taxes) or have complex financial affairs -- including various trusts, accounts and beneficiaries -- you should hire an attorney who specializes in estate planning.

In addition to collecting references from friends, family and colleagues, look for attorneys who belong to the American College of Trust and Estate Counsel. You can search the ACTEC Web site for an ACTEC fellow near you.

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