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


3 Ways to Have the Government Pay You Back for Your Energy Efficient Upgrades
Any renovations or upgrades made to your home this year that included energy-efficient appliances could be eligible for some federal energy tax credits. But it's not just appliances. || Posted December 9 2013


7 Lesser-Known Discounts for the 50+ Crowd
As they age, members of the Baby Boomer generation don't like to admit that they're senior citizens, but they love getting discounts. It's kind of a quandary, because some of the best deals available are reduced prices for older folks. || Posted October 21 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
COST OF EXAM, EUTHANASIA & GROUP CREMATION
Paid: 160.00
Exam $48, Euthanasia of our Cat Grasshopper $84, Aftercare group cremation $28, total of $160. Location Southern California / San Diego County on 8/28/2014. Tried to take her to our Vet of 15 years and they could not see her for a week... [more]
-Crisy
Pet Euthanasia Cost
Yearly trust payment
Paid: 12000.00
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... [more]
-paying more then earning
Trust Cost
ER w/belly ache
Paid: 9988.00
Went in & 2 other cases came in later but had 2 be served 1st. Gave me a pain killer & never saw a doctor. Each thing they did was hurry up & wait... [more]
-charles pace
Emergency Room Visit Cost
Bone graft injection
Paid: 7700.00
The dentist said I needed 7cc's of bone @ $1100 per cc. Is this a reasonable amount? This was to secure an implant the was infected... [more]
-Gala Dali
Dental Bone Graft Cost
wheel balance (front tires)
Paid: 38.00
They busted 1 of my wheel studs, didn't tell me, and replaced it with a really crappy looking lugnut. Oh, and the ride quality is worse. I paid them to do this... [more]
-Hue Janus
Wheel Balancing Cost
Deep cleaning and extractions
Paid: 90.00
When we got our 4-year baby from someone she had horrible breath and our vet recommended a deep cleaning for $175. I checked around and the SOHFGA did the same procedure for $80. So I had them do it at the same time we had her spayed... [more]
-Cocoa's Mom - Phyllis Rios
Dog Teeth Cleaning Cost