How Much Does a Living Trust Cost?

A living trust is an important tool for estate planning that helps individuals manage their assets professionally and strategically, while keeping them away from any time-consuming probate process. Whether you are considering a revocable living trust or an irrevocable trust, it’s important to understand the associated costs.

So, how much does a living trust really cost? The true answer depends on various factors, such as attorney fees, the type of trust you are choosing, and whether you decide to handle it yourself or hire a professional.

Here, we will guide you through the process of understanding the average cost of setting up a living trust, how to choose the best plan, and the factors that affect the price.

What Is a Living Trust?

A living trust is a legal document that holds ownership of your assets throughout your life and allows you to transfer all your funds and assets after your passing. While it may sound similar to a will, it is different because it allows you to bypass the probate court, offering a more private and efficient way to distribute your assets.

Types of Living Trusts

There are two primary types of living trusts:

1. Revocable Living Trust
   A revocable living trust gives you the power to update any changes during your lifetime. You will have control over your assets and properties and can change anything anytime you want.

2. Irrevocable Living Trust
   The irrevocable living trust is essentially the opposite. Once you create this trust, you can’t modify or change anything from this document. It ensures that everything is secure, and all your assets are protected.

The cost of a living trust will vary depending on the type you choose.

Cost of a Living Trust: What to Expect

The cost of a living trust depends on the type you are using, how you are modifying it, and whether you are doing it yourself or using an online service.

1. Hiring an Estate Attorney

An estate attorney ensures that all your assets are secured and the living trust is legally sound, avoiding any potential issues.

• Basic Revocable Living Trust: The price will vary from $1,500 to $3,000.

• Complex Trust with Tax Planning: This type will cost between $3,000 and $6,000, depending on the plan. It could go higher.

• Irrevocable Living Trust: This type is more secure, and the price ranges from $3,000 to $10,000+.

Factors that Impact the Costs

• Any additional documents, like a power of attorney.

• The complexity of your living trust plan.

2. Using an Online Service

If you are unable to draft the trust yourself and have some confusion, you might consider using an online service to create your living trust.

• A basic plan can cost between $100 and $500.

• If there is external help, such as an attorney assisting, it could range from $500 to $1,500.