Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Personal Finance  > Taxes & Financial Planning > Trust

Trust Cost


How Much Does a Trust Cost?

 
low costLow: Kits Run $25-$500average costMedium: Basic Trusts Start $900-$1,500high costHigh: Complex Planning Can Run $1,500-$3,500+
post E-mail post Post   Comments (2)

A trust is a legal relationship which sets up a person or company (the trustee) to manage property for the benefit of another (the beneficiary). A trust is an estate-planning tool that can be used in addition to or instead of a will.

Typical costs:

  • Having an estate planning attorney create a basic trust starts around $900-$1,500, but a situation requiring a bit more evaluation and planning can run $1,500-$3,500 or more, depending on the complexity and the extent of the assets involved.
  • Do-it-yourself living trust kits[1] are available for anywhere from $25-$500. Laws vary; be sure the information provided is accurate in your state. Plus, legal experts assert that living trusts aren't suitable for everyone, and that individual circumstances should be evaluated by a qualified attorney. Oregon State University gives a brief overview and describes advantages and disadvantages of a trust.
Related articles: Estate Planning, Will, Financial Planner, Probate, Tax Attorney

What should be included:
  • There are two types of trusts, testamentary and living. A testamentary trust is outlined in your will and is created only after you die; these are typically set up for young children or other heirs who are considered to need someone to manage their assets for them. A living trust is created during your lifetime, is a private document that doesn't have to be filed in a public court and doesn't have to go through the probate process the way a will does. A revocable living trust can be amended or ended at any time; an irrevocable living trust cannot be changed or discontinued. With a living trust, you can be both the manager (trustee) of the trust and the beneficiary (receiving the income) of a living trust. The American Bar Association provides a detailed overview[2] of living trusts, including advantages and disadvantages.
  • Creating a living trust should be part of a thoughtful, deliberate estate planning process; don't be pressured into creating a living trust. Consumerlaw.org discusses how to avoid living trust scams.
Additional costs:
  • There can be filing fees to transfer property deeds, car registration or other assets into the name of the living trust.
  • Whether it's a testamentary or living trust, the trustee is legally entitled to be paid for any work done, and can take reasonable fees out of the estate. This will vary depending on the amount of work required and the complexity and value of the trust. (However, the trustee can waive payment.)
Shopping for a trust:
  • Ask about the attorney's training and experience with trusts. FindLaw.com provides a detailed questionnaire to complete when preparing to meet[3] with an estate planning lawyer.
  • Referrals to lawyers are available through the American College of Trust and Estate Counsel[4] and the American Academy of Estate Planning Attorneys[5] .
  • Your attorney should provide you with a written fee agreement. Be sure you understand what is covered, and any other fees and expenses you might have to pay.
post E-mail post Post   Comments (2)
CostHelper News


10 Key Ways to Prepare for Extreme Snow
Forecasters are predicting a true nor'easter will hit the eastern and central states with rain, thunderstorms, ice, snow and high winds over the Thanksgiving weekend. It's crucial to plan ahead, before bad weather hits. || Posted November 26 2013


10 Most Popular Cosmetic Procedures Before the Holidays
With reunions and other get-togethers scheduled during the holiday season, most people want to look their best at this time of year. For some, that means filling in those wrinkles with a bit of botox, or having a nip and tuck down here and there. || Posted November 23 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments
Yearly trust payment
Amount: $12,000.00 total
Posted by: paying more then earning in Albuquerque, NM.Posted: August 28th, 2014 11:08AM
I pay about $12,000 a year to my trustee's New Mexico office, However I've often wondered if I was being excessively charged.
Any advice would be greatly appreciated
Was this post helpful to you?   yes     no Report prohibited or spam
challenge
Amount: $112,000.00 total
Posted by: stumped R in Naples, FL.Posted: October 17th, 2013 07:10PM
I am a trustee of a trust. A large family, 5 of the members have endessly asked for documnets and repetitive stuff for 3 years. How do you avoid this? It has cost the trust. they have found nothing amiss, and I have had to loan money to the trust to keep it afloat
Was this post helpful to you?   yes     no Report prohibited or spam


 

Comment On Your Experience With a Trust
 
Subject:  *
Amount Spent:  * total
Law Firm: Amount Per Hour: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www.google.com/search?q=living+trust+kit&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:o...
  2.  www.americanbar.org/content/dam/aba/migrated/publiced/practical/books/wills/chapter_5.a...
  3.  estate.findlaw.com/estate-planning-help/prepare-to-meet-with-estate-planning-lawyer.html
  4.  www.actec.org/public/roster/search.asp
  5.  www.aaepa.com/attorney_listing.aspx
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Does Closing a Home Cost? How Much Does a Traffic Ticket Attorney Cost? How Much Do Funeral Flowers Cost?

Search Thousands of Topics on CostHelper.com




Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
Insulation and labor of sump pump
Paid: 11000.00
My 87 year old mother was just told by Roto Rooter it would cost her 11,000 for a submersible sump pump to be instaled and connected to her city sewer... [more]
-Maryizene
Sump Pump Cost
Disposals
Paid: 265.00
$265.00 is about the going rate for a badger 5 disposal in the Cincinnati area.... [more]
-Mark45236
Garbage Disposal Cost
timing belt, water pump and thermostat
Paid: 800.00
My car over heated and the thermostat needle was fully up. They replaced the water pump, thermostat, timing belt and other old hoses once they were inside the engine...plus an oil change. in my 1998 Pathfinder. All is well after that... [more]
-CBG
Replacing a Timing Belt Cost
Dentures
Paid: 6000.00
This will be my second set of dentures. I've learned there are different types for different budgets. My first pair were premium and lasted over 25 years... [more]
-MaggieMae 368
Dentures Cost
Gift of love
Paid: 300.00
I just made my son's wedding cake. It was 4 tiers, with a rough frosting exterior. The frosting was made with real butter and whipping cream. The cake layers were baked from scratch. It cost $300 for the ingredients and supplies... [more]
-Debobo
Wedding Cake Cost
Home visit, euthanasia & communal cremation
Paid: 300.00
Our experience was very similar to Sharlene's in Anaheim. Our lab (70 lbs.) was almost 15. He was given a sedative (shot) first. We had the convertible couch bed open in the living room... [more]
-Mary K Swift
Pet Euthanasia Cost