How Much Does It Cost To Set Up A Living Trust - Part 4

 

A trust is an estate planning vehicle that protects your assets against taxes and probate after you die. There are multiple types of trusts, like marital, bypass, generation-skipping and more. You can generally assign beneficiaries and make adjustments, unless your trust is irrevocable. Depending on your personal situation, a living trust’s cost will vary.

 

This 5 part series will provide an overview of the costs associated with creating a living trust which include:

 

• What Is a Living Trust
• What Can You Put in a Living Trust
• What You Cannot or Should Not Put in a Living Trust
• How Much Does a Trust Cost
• Bottom Line

 

Part 1 addressed What Is a Living Trust. Part 2 addressed What Can You Put in a Living Trust. Part 3 addressed How Much Does a Trust Cost. Part 4 addresses What You Cannot or Should Not Put in a Living Trust. Part 5 will address The Bottom Line

 

How Much Does a Trust Cost?

 

If you hire an attorney to build your trust, you’ll likely pay the average cost of setting up a trust, which is in the range of $1,500 to $2,500. The overall cost will depend on whether you are single or married, how complex the trust needs to be and what state you and your assets are in.

 

Fees for living trusts in Texas are likely to be different from those for living trusts in another state. Other variables include the probate or estate planning lawyer’s time and expertise. Some highly complex trusts of wealthy people cost upwards of $5,000 to $7,000.

 

Aside from creating a trust, there will be additional costs for drafting documents transferring property and assets into the trust. These additional costs can range from $350 to several thousand dollars. This is because the paperwork and legal filing paperwork has a fee and can take up another chunk of time to complete.

 

There are multiple advantages to using an attorney, though. One is that this route ensures that your trust and legal documents are prepared correctly.  The DIY method can be a bit riskier because you aren’t hiring a professional to set up the trust for you.

When you sign up for this kind of trust, you transfer ownership of your assets to another individual or trustee.

 

Call your Amarillo Estate Planning Attorney Today and Get Help With Creating Your Trust

 

If you are planning your estate, making a will or creating a trust, the best thing to do is consult with a local Amarillo Texas estate planning attorney to make sure you are following the laws and regulations of your respective state. Many people have similar questions and go through the same line of questioning when deciding how to make or update their estate plan. It can be and often is critical that you get legal help understanding the basics of this process. The best way to get this understanding is to contact an experienced Amarillo Estate Planning attorney near you. Stop and take a breath and call an Amarillo Estate Planning Attorney who has had decades of experience.  Pick up the phone and call Amarillo Estate Planning Attorney Bill Cornett.  Bill is your choice as an experienced estate attorney in Amarillo and the Texas Panhandle.  Don’t waste another minute.  Call him today.

 

Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer.  In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett.  Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.

 

Put Cornett Law Firm’s 50+ years of experience to work for you

 

Bill Cornett, Amarillo Attorney, with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer and probate attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.