What's It Going To Cost?|
- Costs to have a trust drafted by an attorney vary like everything else. You should expect to pay in the neighborhood of $450 to $2,500. I know that's a pretty big neighborhood, but the level of service you receive will usually be commensurate with the cost. Like flying on an airplane, you can fly discount carriers, or a solid established carrier, or fly in a private jet. Your level of service changes as well as the safety.
- There are no ongoing charges.
- The attorney may charge to assist in retitling the assets.
- The attorney may charge to help the successor trustee wrap up the trust including filing any tax returns if necessary.
- Simple wills typically have been a loss leader for attorneys. The average fee for a simple will is $75. Cheap don't you think? Not when you add in the associated costs of probate. It is here where he or she will make up the difference, and then some.
- Cost to probate estate: $5,000 (Using an estate value of $100,000 and a very conservative five percent attorney fee/costs)
- Total cost to probate a $100,000 estate equals $5,075.
The above does not take into consideration estate taxes. See the next section to learn more about how to reduce or eliminate taxes on your estate.