Trust Cost

How much does a trust cost?

Setting up a trust is a reliable and time honoured way of making sure assets from an estate or business are used in the most sensible and cost effective way. A trust can be set up for the beneficiary of many different people – it is common for parents with assets to put some in trust for children – and can be extremely useful to people in later life, and while it is possible to undergo the process of setting up a trust individually the complexity of the law means it is strongly advised that you use a professional who is experienced in the area. An attorney who is well versed in estate planning and wills can normally offer a trust service, and costs will vary for a number of reasons.

General Cost

• As each individual case will be considerably different there is no way of saying what setting up your required trust will cost.
• For a general idea you could be looking at a basic fee of between $1000 to $5000 for the process of sorting out the value of estate and preparing all the required legal papers and advice.
• The above costs are for a simple case and include all the required paperwork, yet for more comprehensive assets the cost could be considerably higher.
• The process should also appoint a power of attorney to administer the trust, determining who is responsible for the administration of the estate or assets involved.
• Trusts can be used to ensure that you are covered for your health in the future, how your assets can be best used to provide a comfortable life for you in old age and a number of other considerations that you may wish to include.

Extra Cost

• Business and extensive assets may be subject to complex legal procedures that will need to be added to the overall cost.
• Additional consultations with your attorney will also be charged at their given hourly rate.

Tips

• There is plenty of information on the subject on the internet – check www.findlaw.com for example.
• You can purchase books and online guides to creating a do it yourself trust for a few dollars.
• Make sure your attorney is up to date with recent changes – which happen all the time – in the law.

Shopping

• Check a number of attorneys for their fixed rates.
• Visit www.aaepa.com/attorney_listing.aspx to find qualified and licensed attorneys in your area.
• Ask around friends and family for advice and ideas.

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