ContractsCounsel Logo

Cost for Living Trust

Updated: October 31, 2023
Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 10,563 reviews
No Upfront Payment Required, Pay Only If You Hire.
Home Blog Cost for Living Trust

Jump to Section

The cost for living trust typically varies depending on the complexity of the estate plan and the fees charged by the attorney or other professionals involved. It comprises fees for a lawyer, accountant, or trust officer that the trustee will employ to assist with the distribution of the assets and other belongings.

Understanding the Cost of Establishing a Living Trust

A living trust is a legal document summarizing how individuals want their property and assets controlled after their demise. This document is prepared and becomes effective during their lifetime. One can put assets in a living trust to be allocated to the heirs upon death. This living trust can be modified or changed throughout their life, but the level of flexibility and authority will depend on the specific terms and provisions outlined in the trust document.

In addition, to ensure you always create a legally binding living trust that remains compliant with state and national regulations, it is better to get help from a probate lawyer to draft your living trust document. Each state has its requirements that make a revocable living trust valid. The average cost of establishing a living trust by hiring an attorney is roughly $1,500 - $2,500 in all states in the USA. Besides, these living trusts allow you to avoid probate, manage your assets, and make the allocation of the belongings more effortless for the inheritors. If all of your assets are not included, you may still have to go through probate. It’s important to consult with an attorney to ensure that all assets are properly included in the trust to avoid probate. The factors that affect the cost of setting up a living trust are as follows:

  • Number of assets to be reallocated
  • The objective of the trust
  • The intricacy of the estate plan
  • Your financial and tax affairs
  • How and when are the assets to be assigned
  • Designating a person to handle assets for minor kids
  • Provisions of the living trust
  • Value of your estate

What Is a Living Trust and How Does It Work?

A living trust is a lawful arrangement specified by a person (the grantor) during their lifetime to safeguard their assets and control their property allocation after the grantor's demise. It is an estate planning mechanism that can help beneficiaries and family members avoid a lengthy, general, complicated, and sometimes expensive probate procedure. In addition, a living trust is a document that lays out the trust provisions and the assets the grantor transfers to it. The grantor appoints a trustee as the person (or entity) who, at a specific point, will handle those assets for the profit of the heirs.

Additionally, living trusts are important because they let a trustee handle the assets and other valuable possessions in the trust and share them with inheritors after the grantor's death. They start with setting a trust instrument during the asset grantor's lifetime. It is a lawful paper that specifies the regulations and prerequisites of the trust. Due to their significance and possible intricacy, those negotiating for a living trust usually work with professional estate planning experts to ensure a proper setup. Once the living trust is made, the grantor determines what assets should be in it and then shares the title of those assets and valuable belongings with the trust.

Living trusts are governed by a trustee who normally maintains a fiduciary responsibility to handle the trust thoughtfully and in the best interests of the named heirs. Inheritors are appointed by the grantor when they make the living trust. Upon the grantor's demise, these assets move to the heirs according to the grantor's desires, as summarized in the trust contract. A living trust itself can be termed as the inheritor of specific assets which would otherwise move directly to the named heir (regardless of what is expressed in a will).

Unlike a living will, a living trust comes into effect while the grantor is living. Moreover, the trust does not have to move through probate for assets to reach the intended inheritors when the grantor departs or becomes mentally challenged.

Meet some lawyers on our platform

Scott S.

60 projects on CC
CC verified
View Profile

Sara S.

119 projects on CC
CC verified
View Profile

Forest H.

199 projects on CC
CC verified
View Profile

Damien B.

12 projects on CC
CC verified
View Profile

Types of Living Trust

Below are the two primary types of living trusts that you might come across:

  • Revocable Living Trust

    A revocable living trust is the most common classification of a living trust. It is a trust whereby the person who makes it (the grantor) controls the assets and other valuable belongings specified within the trust. Moreover, after creating a trust, the grantor can appoint themself as the trustee. They can modify and amend trust authorities anytime and are free to change inheritors, remove assets, change trustees, or discontinue the trust.

    Revocable living trusts are usually used to guard the grantor's assets and other possessions should they become unwell or incapable of controlling them. In this case, the successor trustee will make choices for the grantor, and revocable living trusts usually become irrevocable upon the maker's demise.

  • Irrevocable Living Trust

    When creating an irrevocable living trust, the trust possesses the assets and other possessions, and the grantor cannot appoint themself as the trustee. Therefore, the grantor loses specific ownership of authority over the trust, and the trustee effectively becomes the lawful owner. Once an irrevocable living trust is made, the designated beneficiaries are specified, and the grantor can work a bit to amend that contract.

    Trust prerequisites are modified in specific circumstances, which may need the court's approval. In addition, you can never take back the assets allocated to an irrevocable living trust. There are advantages to owning an irrevocable living trust as it safeguards its assets from suits and creditors, making it especially useful to experts who may be vulnerable to litigation, such as attorneys or doctors.

Key Terms

  • Beneficiary: A named individual or business accepts a benefit (useful asset or outright) through the allocation plan in your trust or, depending on the worth of your inheritance and your last will.
  • Custodianship: This court-administered procedure allows an organization or individual to have custody of a person or child who is still a minor, under the age of the specified distribution, or deemed incapable of obtaining profits from an inheritance in probate.

Conclusion

A living trust can be an exceptionally significant legal structure for individuals with assets they wish to manage and guard during their lifetimes and beyond. Generally, it delivers those who found and financed them, the makers, the authority to control and profit from their assets while living and supervise how they should get allocated once they've departed. If you are looking for dependable attorneys to help create your living trust, our lawyers at ContractsCounsel can assist you. To seek our assistance, all you need to do is post a project, and we will reach out to you in no time.

Need help with a Living Trust?

Create a free project posting

Meet some of our Lawyers

Michael B. on ContractsCounsel
View Michael
4.8 (14)
Member Since:
October 30, 2020

Michael B.

Attorney
Free Consultation
Illinois
14 Yrs Experience
Licensed in IL, MN, WI
University of the Pacific

Michael has extensive experience advising companies from start-ups to established publicly-traded companies . He has represented businesses in a wide array of fields IT consulting, software solutions, web design/ development, financial services, SaaS, data storage, and others. Areas of expertise include contract drafting and negotiation, terms of use, business structuring and funding, company and employee policies, general transactional issues as well as licensing and regulatory compliance. His prior experience before entering private practice includes negotiating sales contracts for a Fortune 500 healthcare company, as well as regulatory compliance contracts for a publicly traded dental manufacturer. Mr. Brennan firmly believes that every business deserves a lawyer that is both responsive and dependable, and he strives to provide that type of service to every client.

Agnes M. on ContractsCounsel
View Agnes
5.0 (8)
Member Since:
July 13, 2020

Agnes M.

Managing Attorney
Free Consultation
Florida
14 Yrs Experience
Licensed in FL, NJ, PA
Florida Coastal School of Law

Agnes Mombrun Geter is the Founder and Managing Attorney of Mombrun Law, PLLC. She is an experienced attorney and is a member of the Florida Bar, New Jersey Bar, and the Pennsylvania Bar. The firm's practice focuses on Estate Planning, Business Law, and Debt Settlement including IRS Debt Relief. The firm's goal is to simplify the law and provide clients with the confidence and information necessary to make their decisions. The firm also provides project-based legal services to other attorneys and law firms, along with assisting as personal counsel and local counsel on legal matters.

David W. on ContractsCounsel
View David
5.0 (1)
Member Since:
September 27, 2021

David W.

Lawyer
Free Consultation
Wisconsin
8 Yrs Experience
Licensed in WI
Marquette Law School

The Law Office of David Watson, LLC provides comprehensive and individualized estate-planning services for all stages and phases of life. I listen to your goals and priorities and offer a range of estate-planning services, including trusts, wills, living wills, durable powers of attorney, and other plans to meet your goals. And for convenience and transparency, many estate-planning services are provided at a flat rate.

Albert M. on ContractsCounsel
View Albert
5.0 (6)
Member Since:
February 8, 2021

Albert M.

Attorney
Free Consultation
Woodbury, NJ
21 Yrs Experience
Licensed in NJ
Rutgers School of Law - Camden

I am a New Jersey licensed attorney and I have been in practice for over nineteen years. My practice mainly consists of representing public entities (municipalities, school boards, etc) and businesses, both small and large. In that capacity, much of work consists of drafting, reviewing and revising contracts.

Jose P. on ContractsCounsel
View Jose
5.0 (1)
Member Since:
February 13, 2021

Jose P.

Partner
Free Consultation
San Antonio, Dallas
24 Yrs Experience
Licensed in TX
University of Pennsylvania

I am a corporate lawyer with expertise working with small businesses, venture capital and healthcare. Previously, I worked at large law firms, as well as head attorney for companies. I graduated from Harvard College and University of Pennsylvania Law School. I speak 5 languages (Spanish, French, Italian and Russian, plus English), visited over 60 countries, and used to compete in salsa dancing!

Briana C. on ContractsCounsel
View Briana
5.0 (55)
Member Since:
February 15, 2021

Briana C.

Founder, Branch Legal LLC
Free Consultation
Boston, MA
12 Yrs Experience
Licensed in CA, MA, NY
Columbia University School of Law

Legal services cost too much, and are often of low quality. I have devoted my law practice to providing the best work at the most affordable price—in everything from defending small businesses against patent trolls to advising multinational corporations on regulatory compliance to steering couples through a divorce.

Meghan P. on ContractsCounsel
View Meghan
4.8 (6)
Member Since:
February 15, 2021

Meghan P.

Attorney
Free Consultation
Denver
6 Yrs Experience
Licensed in CA
University of Dayton

I am a licensed attorney and a member of the California Bar. I graduated from the University of Dayton School of Law's Program in Law and Technology. I love IP, tech transfers, licensing, and how the internet and developing technology is changing the legal landscape. I've interned at both corporations and boutique firms, and I've taken extensive specialized classes in intellectual property and technology law.

Find the best lawyer for your project

Browse Lawyers Now

Need help with a Living Trust?

Create a free project posting
CONTRACT LAWYERS BY TOP CITIES
See All Estate Planning Lawyers
Learn About Contracts
See More Contracts
other helpful articles

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

Need help with a Living Trust?

Create a free project posting

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city