Not sure which one is right for you? What Is the Average Cost to Prepare a Living Trust? When considering an estate plan, many people contemplate whether a trust is necessary or a will alone is suitable. Setting up a living trust choice is often based on cost.
Depending on whether an attorney is hired, a trust can be considerably more costly than a will. The key is finding a balance between cost and creating an estate plan that fits your family’s needs. Living Trusts A living trust is a legal entity that holds title to and manages assets for an intended beneficiary. A living trust is distinguishable from other trusts in that you, as the grantor, can make changes to the trust or revoke it entirely during your lifetime. You can also act as the initial trustee of your living trust. Living trusts are most often used to avoid the probate process that comes along with passing property through a will. Hiring an Attorney Trusts are complicated documents and estate planning attorneys can help you navigate through the legal nuances.
Attorney’s fees are generally the bulk of the cost associated with creating a trust. Living Trust as Part of an Estate Plan If you decide that hiring an attorney is the way to go, you will likely get more for your money than just the living trust. Living trusts are most often used as part of a comprehensive estate plan that can include wills, powers of attorney and health care directives. You should find out exactly what is included in the attorney’s fee prior to agreeing to any proposal.