Estate Planning Blog

The Truth About Living Trust Fees

One concern that may be holding you back from creating a Trust – or worse – leading you to one of those online legal services or a document preparer, is the idea that it may be expensive to create and maintain one through a real Attorney. The fact is, it’s probably more affordable than you think.

To help you take that step to plan for your family’s future once you’re gone, here is a breakdown of what you can expect to invest in creating and maintaining a Living Trust:

Creating the Trust

The only expenses in creating a trust are the Attorney fees associated with creating it and a small recording fee for new property deeds. The cost for an attorney to draft a living trust can range from $1,500 to $2,000 for individuals and $2,000 to $2,500 for married couples. Simple or complicated plans can affect this estimate. The cost of recording property transfer deeds is approximately $20 per deed. Note that living trust estate plans always include a back-up or “pour over” Will, financial power of attorney, advance health care directive, and other related documents.SeniorMoney-262x300

Changing the Trust

Events like marriage, divorce, death of a spouse, beneficiary or trustee, changes in financial or residency status and new tax laws can affect your Living Trust and require changes. Changes are usually billed hourly by your attorney. Basic changes to asset and gift schedules can sometimes be done by you, so long as your share your changes with your attorney.

Reviewing the Trust

It’s a good idea to review your trust with your attorney at least every five years, unless one of the changes listed in #2 occurs, then you should get it reviewed at the time of the event. Reviews, like changes are usually billed by the hour.

If you have an old Trust or Estate Plan and would like to have an Attorney review it – or if you don’t have one yet, contact the Law Offices of Joel Harris and schedule your consultation today.

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