Search thousands of topics on CostHelper

BROWSE ALL TOPICS >> babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business sports 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+

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 Post   Comments (2)  
CostHelper News


7 Tricks To Make Home Appliances Last Longer
Give your household equipment a little workout now and then, to make sure anything mechanical will perform well when needed. Periodic exercise can extend the usable life of many items. || Posted October 14 2013


5 Important Things to Know Before a Tornado Hits
This week the Midwest has been battered by tornados, which are one of the most violent and destructive type of storms nature has in its arsenal. || Posted November 19 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...
  2.  www.americanbar.org/content/dam/aba/migrated/publiced/practical/books/wills/chapte...
  3.  estate.findlaw.com/estate-planning-help/prepare-to-meet-with-estate-planning-lawye...
  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 care
Paid: 0.00
Wow, some of these previous comments seriously concern me. We have a dentist carrying on about how much it cost for his entire education and the cost of building and supplying an entire office... [more]
-Jason B
Dental Implants Cost
Generac 22kw quote
Paid: 18000.00
Recently quoted$18k for 2,400sq ft. Home. The generator itself is $5,300 with transfer switch. Nearly $13k install seems very high... [more]
-Jon Rad
Standby Generator Cost
2013 honda crv ignition cylinder repair
Paid: 180.00
Locksmith came to my house and repaired lock cylinder in an hour... [more]
-Brad Cowan
Ignition Lock Cylinder Replacement Cost
Teacup Pig
Paid: 100.00
Looking for a teacup pig. I’ll pay $100-300 if you have what I’m looking for in my price range please let me know... [more]
-Evelyn Hernandez
Teacup Pig Cost
You will not believe this!
Paid: 75000.00
Non emergency flight from Tucson to Phoenix this was 2021 I could have flown around the world several times what a 130 miles was these people need to go to jail for fraud and theft!I will never pay the huge bill chapter 7 only costs $2500... [more]
-Paul Polito
Air Ambulance Cost
L3-L4,L4-L5,L5-S1 multilevel laminectomies with micro disectomies.
Paid: 0.00
I had laminectomies and refused to have spinal fusion. I made a complete recovery. I had my surgery Apr/2020. Returned to work in mid-June. Feel good as new today. No back stiffness or pain... [more]
-Jose A Elizondo
Back Surgery Cost