How Much Should Setting Up a Trust Cost?

The cost of setting up a trust varies on complexity and attorney experience

Base it on the Complexity of the Trust

Complex trusts will be more difficult and time-consuming to create than simple living trusts. This is due to the amount of time needed to draft the documents as well as transferring title to the trustee for the funding and administration of the trust. Complex trusts may save you money over time due to their ability to decrease taxes and probate fees owed.

Flat Fee Creation May Help

Due to the legal market, estate planning attorneys are likely to offer flat fee estate planning, which may include the creation of living wills, wills and trusts. Lesser-experienced attorneys are likely to charge flat fees because they will be constrained from offering cheaper services by their local bar association. Experienced attorneys are also likely to charge flat fees because they are less likely to spend as much time on trusts because of their experience.

Bottom Line

Seek a knowledgeable and experienced estate planning attorney in your state to determine the complexity of the trust that is most beneficial to you and to negotiate the attorney fees for setting up and transferring property title to the trust.

References

• TaxAlmanac- Complex Trusts
• Florida Bar: Rules Regulating The Florida Bar

Resources

• Trusts and Estates: Selecting a Good Lawyer