Revocable Living Trust Cost

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 4,036 reviews

Jump to Section

Need help with a Revocable Living Trust?

CREATE A FREE PROJECT POSTING
Post Project Now

What does a revocable living trust cost? When most people think of trusts, they tend to believe that estate planning is only for very wealthy people. In reality, estate planning and trusts can be beneficial to anyone with assets or property.

When considering estate planning, specifically revocable living trusts, a common question is how much will it cost to draft this document? Let's explore this question and review some general information about revocable living trusts.

How Much Does It Cost to Make a Revocable Living Trust?

A revocable living trust is a legal document that outlines how you want your assets and property handled after you die. This document is drafted and goes into effect during your lifetime. You can place assets in the trust to be distributed to your beneficiaries upon your death. This trust can be changed or adjusted throughout your life, giving you flexibility and maximum control over your assets.

Getting help from a probate lawyer to draft a revocable living trust is highly encouraged. Each state has its own requirements that make a revocable living trust valid. If you aren't sure of your state's laws, a licensed attorney can help. Furthermore, some states require an attorney to transfer certain assets to trusts.

ContractsCounsel's marketplace data shows that the average cost of hiring an attorney to make a revocable living trust is $1,500 - $2,500 in all states.

Revocable living trusts allow you to organize your assets, avoid probate, and make the distribution of your property after death easier for your beneficiaries.

What's Typically Included in a Revocable Living Trust?

The elements of a revocable living trust will vary depending on the individual, assets, and wishes. Different states will also have requirements that must be met to make the document a binding contract .

Typically, to be enforceable, a revocable living trust should contain the following information:

  • The name of the owner or grantor of the trust
  • An appointed trustee to manage the trust
  • The name of a successor should the trustee die
  • The names of the beneficiaries of the trust
  • How assets are to be distributed amongst the named beneficiaries

Once the trust is established, it will have to be funded with your assets and property. You are able to add or remove assets to your trust at any time, giving you flexibility with managing your revocable living trust.

The following assets are commonly included in revocable living trusts:

  • Cash Accounts: You can add checking accounts, savings accounts, money markets, and CDs to a living trust. In some cases, adding a CD to a trust may be deemed "retitling" the CD, leading to early withdrawal penalties. It is best to allow a CD to mature before adding it to a trust.
  • Non-retirement Investment Accounts and Brokerage Accounts: These accounts include any assets held in your name, jointly, or tenants in common. IRAS, 401(k)s, and qualified annuities are not eligible for a living trust.
  • Non-qualified Annuities: For non-qualified annuities, you can either retitle them into the name of your trust or designate your trust as the primary or secondary beneficiary of the annuity.
  • Stocks and Bonds: Stocks and bonds can only be added to a living trust if held in certificate form. You will need a new certificate before adding stock or a bond to your trust. You must also insure shares for 2% of their current value.
  • Personal Property: Any tangible personal property can also be added to a revocable living trust. Items like:
    • Jewelry
    • Clothes
    • Books
    • Household goods
    • Antiques
    • Collectables
    • Artwork
    • Motor vehicles
    • Firearms
    • Pets
    • Cattle
    • Tools
  • Life Insurance: The main benefit of putting your life insurance policy into your revocable living trust is that it allows your trustee to borrow against the policy. If you ever become incapacitated, this money can be used to pay for any medical expenses you may incur.
  • Real Estate: You can transfer real estate into your trust, but you will need to record a new property deed for each property you own in the name of the trust. If there is a mortgage, your trust will take over the mortgage until the property is passed onto a beneficiary. Then, the beneficiary will take over the mortgage.

Advantages and Disadvantages of a Revocable Living Trust

There are various advantages and disadvantages to establishing a revocable living trust. Some advantages include:

  1. You can change a revocable living trust at any time, providing flexibility in managing your assets.
  2. Revocable trusts cover your assets during your life, if you become incapacitated, and after your death.
  3. When you have a living trust, your family members avoid the slow probate process.
  4. Although more expensive to put into place, in the long run, revocable living trusts will incur fewer costs
  5. Revocable living trusts provide privacy because they are not entered into public records after your death, unlike a last will and testament .
  6. All of your assets in your revocable living trust benefit from FDIC protection.

Some disadvantages to making a revocable living trust are:

  1. Revocable living trusts are most costly than wills to establish.
  2. There are no tax benefits involved with making a revocable living trust.
  3. Not all of your assets will be qualified to be included in a revocable living trust.
  4. All of the assets that you add to your revocable living trust must be retitled.
Meet some lawyers on our platform

Zachary J.

53 projects on CC
View Profile

Ryenne S.

135 projects on CC
View Profile

Jonathan M.

1 project on CC
View Profile

Justin K.

3 projects on CC
View Profile

Examples of When You May Need a Revocable Living Trust

Contrary to popular belief, revocable living trusts are not just for the wealthy. Most estate planning professionals will advise that if you have a net worth over $100,000, have assets in real estate, or have specific wishes on how you want your assets and property to be distributed; then a revocable living trust may be right for you.

Revocable living trusts have the unique advantage of protecting you and your assets during your life, if you ever become incapacitated, and after your death. If you are unsure if a revocable living trust is right for you, you should consult with a probate lawyer to advise you about your estate planning options.

Cost of Making a Revocable Living Trust

Hiring an attorney to make a revocable living trust will incur costs because it requires a trained probate or estate planning lawyer to complete the project.

ContractsCounsel's marketplace data shows the average revocable living trust drafting costs to be $1,500 - $2,500 across all states.

How Do Lawyers Charge for a Revocable Living Trust?

Probate lawyers can choose to bill their clients in a variety of ways. Some attorneys use an hourly rate fee structure for projects like drafting wills and trusts, while others use a flat fee rate that they quote before beginning the project. Generally, costs will vary depending on the complexity of the revocable living trust.

Hourly Rates for Revocable Living Trusts

An hourly rate fee structure is a popular way for attorneys to bill their clients. In this scenario, the lawyer has a set hourly rate, and they will charge their client the number of hours they spent on their client's task. This fee structure allows a lawyer to be compensated for any and all time they spend on a specific case.

According to ContractsCounsel's marketplace data, the average hourly rate for a probate or estate planning lawyer ranges from $250 - $350 per hour.

Flat Fee Rates for Revocable Living Trusts

Flat fee billing structures are popular for projects with a definite ending, like contract drafting . Attorneys will quote a client a flat-fee price for the completion of a specific task. If the client agrees, they will pay upfront for the legal services.

ContractsCounsel's marketplace data shows the average flat fee rate for a revocable living trust cost to be $1,500 - $2,500 .

Do I Need a Lawyer for a Revocable Living Trust?

It is possible to create a living trust without the assistance of a lawyer; however, it is not recommended. Revocable living trusts can be complex documents, and if they do not adhere to the requirements set by your state, they may not be enforceable.

The only way to ensure that your revocable living trust will be upheld if you become incapacitated or after your death is to have an experienced, licensed attorney help you draft the document.

Several situations will make establishing a revocable living trust even more complicated. If any of the following scenarios apply to you, reach out to a probate lawyer to find out your options.

  • You wish to have specific conditions apply to your trust
  • You don't know what to put in your trust
  • You owe estate taxes
  • You wish to skip generations in the distribution of your assets
  • Any of your beneficiaries has special needs or is on government assistance
  • You have a large life insurance policy
  • You don't know how to transfer assets into a trust

Get Help with a Revocable Living Trust

Do you need help with a revocable living trust? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from probate lawyers and family lawyers to handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Alen A. on ContractsCounsel
View Alen
5.0 (8)
Member Since:
August 26, 2021

Alen A.

Attorney
Free Consultation
Get Free Proposal
Los Angeles, CA
16 Yrs Experience
Licensed in CA
University of West Los Angeles

Alen is an attorney and licensed real estate broker with over 15 years of experience representing clients in real estate and business matters. Alen has extensive experience in business and real estate matters. The work includes lease/contract drafting & negotiations, real estate transactions, advising the purchase/sale of businesses, and other matters commonly confronting small businesses and individuals.

Garrett M. on ContractsCounsel
View Garrett
5.0 (5)
Member Since:
August 30, 2021

Garrett M.

Associate
Free Consultation
Get Free Proposal
Dexter, MO
7 Yrs Experience
Licensed in TX
University of Texas

Hello! I am a young attorney with four years' experience in real estate transactions, fund formation, and general corporate transactional work. I graduated in 2016 from the University of Texas - Austin and I am barred in Texas.

Billy Joe M. on ContractsCounsel
View Billy Joe
5.0 (2)
Member Since:
October 25, 2021

Billy Joe M.

Partner Attorney
Free Consultation
Get Free Proposal
Chicago, IL
14 Yrs Experience
Licensed in IL
University of Illinois at Urbana-Champaign

I graduated from the University of Illinois at Urbana-Champaign in 2006 with a degree in Political Science, Finance, and Economics. I stayed around Champaign for law school and graduated in 2009. I then worked at a big law firm in downtown Chicago. It was boring, so I quit in early 2011. I thought that I could not be happy practicing law - I was wrong. After I quit the traditional law firm life, I began representing my own clients. I realize now that I love helping normal people, small business owners, and non-profits address a variety of legal issues. I hope to hear from you.

Phocus L. on ContractsCounsel
View Phocus
5.0 (1)
Member Since:
September 16, 2021

Phocus L.

Attorney
Free Consultation
Get Free Proposal
Phoenix, AZ, USA
12 Yrs Experience
Licensed in AZ, CA
Georgetown University Law Center

G'day, my name is Michele! I work with startups, entrepreneurs and small/medium-sized businesses across the country in a wide array of industries. I help them with all of their ongoing, daily legal needs. This includes entity formation, M&A, contract drafting and review, employment, asset sale & acquisition, and business sales or shareholder exits. I'm half-Australian, half-Italian, and I've lived the last 20+ years of my life in America. I've lived all over the USA, completing high school in the deep south, graduating cum laude from Washington University in St. Louis, and then cum laude from Georgetown University Law Center. After law school I worked for the Los Angeles office of Latham & Watkins, LLP. After four intense and rewarding years there, I left to become General Counsel and VP of an incredible, industry-changing start-up called Urban Mining Company (UMC) that manufactures rare earth permanent magnets. I now work for Phocus Law where I help run our practice focused on entrepreneurs, startups, and SMEs. I love what I do, and I'd love to be of help! My focus is on providing stress-free, enjoyable, and high-quality legal service to all of my clients. Being a good lawyer isn't enough: the client experience should also be great. But work isn't everything, and I love my free time. I've been an avid traveler since my parents put me on a plane to Italy at 9-months old. I'm also a music nut, and am still looking for that perfect client that will engage me to explain why Dark Side Of The Moon is the greatest album of all time. Having grown up in a remote, and gorgeous corner of Australia, I feel a strong connection to nature, and love being in the elements.

Daliah S. on ContractsCounsel
View Daliah
Member Since:
September 1, 2021

Daliah S.

Principal Attorney
Free Consultation
Get Free Proposal
Chicago, IL
19 Yrs Experience
Licensed in IL
University of Illinois College of Law

Daliah Saper operates a cutting-edge internet and social media law practice that regularly leads local and national media outlets to solicit her commentary on emerging internet law issues involving cyberbullying, sexting, catfishing, revenge porn, anonymous online defamation, domain name and user-name squatting, privacy, and the latest business decisions made by social media platforms such as Facebook, Twitter and YouTube. As a litigator Daliah represents companies bringing or defending business and intellectual property disputes. (She has argued cases in a number of jurisdictions including taking a case all the way to the Illinois Supreme Court.) As a transactional lawyer she helps clients choose the right business entity, drafts contracts and licensing agreements, advises on sweepstakes and contest rules, and ensures website terms of use and privacy policies are compliant, and provides comprehensive trademark and copyright counseling. Since founding Saper Law Offices in 2005, Daliah has been named a 40 Under 40 by Law Bulletin Publishing Co., a top Media & Advertising attorney by Super Lawyers Magazine 14 years in a row, and has been repeatedly recognized as a leading media and entertainment lawyer by Chambers and Partners. For the past eleven years, she also has taught entertainment and social media law at Loyola University Chicago School of Law.

Alex M. on ContractsCounsel
View Alex
Member Since:
August 26, 2021

Alex M.

Attorney
Free Consultation
Get Free Proposal
Los Angeles, California
12 Yrs Experience
Licensed in CA
Southwestern Law School

Mr. Mehdipour attended the University of California San Diego where he received his degree in political science. After graduating from UCSD, Mr. Mehdipour attended Southwestern University School of Law where he received his JD. Upon passing the bar, Mr. Mehdipour gained invaluable experience both in a law firm and business setting. Mr. Mehdipour uses his prior business and legal experiences to negotiate the most advantageous results for his clients.

Nicholas A. on ContractsCounsel
View Nicholas
Member Since:
August 28, 2021

Nicholas A.

Founder, Victrix Legal LLC
Free Consultation
Get Free Proposal
Buffalo, NY
2 Yrs Experience
Licensed in NY
Liberty University School of Law

I help small business owners build and protect their dreams. I always thought that I would just be a litigator. Then I joined an intellectual property clinic in law school. We were helping nonprofits and small businesses reach their goals. I fell in love with the work and decided to open my own firm so I could keep helping them. When I decided to start Victrix Legal, I decided that it would be a modern law firm designed to serve professionals. It would be different from every other law firm. In my experience, my law firms are designed to promote inefficiency and reactionary lawyering. Because in most firms, you make more money when you spend more time on a project. And you lose money if your client doesn't get sued. In my opinion, that's a built-in conflict of interest. My firm is different. I use flat fees for most basic projects to keep costs predictable for you and incentivize efficiency. I offer long-term advisory plans and legal audits to prevent issues from happening. I want my clients to see me as their business partner, not just the guy they call when they are in trouble. If any of that interests you, please reach out to me. I offer free consultations. Let's set aside some time and talk about what your legal needs are.

Gerald W. on ContractsCounsel
View Gerald
Member Since:
August 28, 2021

Gerald W.

Attorney
Free Consultation
Get Free Proposal
Round Rock, Texas
9 Yrs Experience
Licensed in IL, TX
Valparaiso University School of Law

My clients know me as more than just an attorney. First and foremost, my background is much broader than that. Prior to attending the Valparaiso University School of Law, I earned a Master of Business Administration and ran a small business as a certified public accountant. Thanks to this experience, I possess unique insight which in turn allows me to better assist my clients with a wide range of business and tax matters today. In total, I have over 20 years of experience in financial management, tax law, and business consulting, and I’m proud to say that I’m utilizing the knowledge I’ve gained to assist the community of Round Rock in a variety of ways. In my current practice, I provide counsel to small to medium-sized businesses, nonprofit organizations, and everyday individuals. Though my primary areas of practice are estate planning, elder law, business consulting, and tax planning, I pride myself on assisting my clients in a comprehensive manner. Whenever I take on a new client, I make an effort to get to know them on a personal level. This, of course, begins with listening. It is important that I fully understand their vision so I can help them successfully translate it into a concrete plan of action that meets their goals and expectations. I appreciate the individual attributes of each client and know firsthand that thoughtful, creative, and customized planning can maximize both financial security and personal happiness. During my time as a certified public accountant, I cultivated an invaluable skill set. After all, while my legal education has given me a deep understanding of tax law, I would not be the tax attorney I am today without my background in accounting. Due to my far-reaching experience, I am competent in unraveling even the most complex tax mysteries and disputes. My CPA training benefits my estate planning practice, too. In the process of drafting comprehensive wills and trusts, I carefully account for every asset and plan for any tax burdens that may arise, often facilitating a much smoother inheritance for the heirs of my clients. Prior to becoming certified as a CPA, I made sure to establish a solid foundation in business both in and out of the classroom, and the acumen I’ve attained has served me well. Not only am I better able to run my own practice than I otherwise would be; I am able to help other small business owners fulfill their dreams, as well.

James David W. on ContractsCounsel
View James David
Member Since:
September 3, 2021

James David W.

Partner
Free Consultation
Get Free Proposal
Raleigh, NC
7 Yrs Experience
Licensed in DC, NC
Harvard Law School

I graduated from Harvard Law School and worked first for a federal judge and then a leading DC firm before starting a firm with a law school classmate. My practice focuses on company formations, early-stage investments, and mergers & acquisitions.

Anna K. on ContractsCounsel
View Anna
Member Since:
November 11, 2021

Anna K.

Manager
Free Consultation
Get Free Proposal
Miami, Florida
25 Yrs Experience
Licensed in FL
University of Miami

Anna is an experienced attorney, with over twenty years of experience. With no geographical boundaries confining her practice, Anna works on corporate, healthcare and real estate transactions. Anna brings extensive big firm experience, garnered as an associate in the Miami office of the world's largest law firm, Baker and McKenzie, and the Miami office of the international law firm Kilpatrick Townsend. Her areas of expertise include: mergers and acquisitions, initial public offerings, private placements, healthcare transactions, corporate finance, commercial real estate transaction and acting as a general corporate counsel. Anna is certified to practice law in Florida and was admitted to the Florida Bar in 1998. Anna is also a Certified Public Accountant. She passed May 1995 CPA Exam on the first sitting. She is fluent in Russian (native).

Serge Y. on ContractsCounsel
View Serge
Member Since:
September 22, 2021

Serge Y.

General Counsel
Free Consultation
Get Free Proposal
NYC
11 Yrs Experience
Licensed in NY
Fordham University School of Law

Startup Lawyer that caters to the entrepreneurial spirit. Focusing on building long term relationships and working with emerging startups throughout their entire life cycle. From concept to IPO, I'll will help guide you along the way. Years of high level experience drafting, negotiating, and reviewing all types of transactional contracts, e.g., operating agreements, charters, bylaws, NDAs, Terms of Service, Master Service Agreements, etc. You name it; it's crossed my desk. Have a depth of experience working with the USPTO to file trademarks, copyrights, and patents. If you're in the startup space and need a helping hand, I'm your guy.

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

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

Request a call