How much does a Trust Cost?
A living Trust will probably run you anywhere from 1K to 5K depending on the complexity of your Estate. For the average person in Sonoma County that owns their home, has a modest bank account and retirement plan the cost would be $2000.00.
At our office, we rarely sell a standalone Living Trust. For $2000.00 you would receive a comprehensive Estate Plan that includes:
A Revocable Living Trust with all contingency clauses for special needs, guardian nomination, spendthrift clause and contest provisions.
Living Will – Advanced Healthcare Directive, your instructions to be carried out if you are treated in case of a medical emergency, appointment of an Agent and release of protected information.
Will – just in case something falls outside your estate this catch all device brings it back in while still providing the protection your beneficiaries deserve.
Certificate of Trust – The document you will use to fund and preserve your rights over Assets in the Trust.
Power of Attorney – A trusted agent (spouse, child, sibling or friend) is appointed in case you are incapacitated to pay bills and manage your assets for you.
Docubank – Cloud based storage that holds critical information including your Advanced Healthcare Directive to be used with First Responders when an emergency strikes.
It is true there are devices that allow you to avoid probate and you may be okay if just one spouse dies. But, the bottom line is if you have a probate and have to pay the Attorneys fees they will run anywhere from 20K to 100K. Not only are there fees but when a probate is opened there is always the chance that someone in the Family will contest the probate. When you do not have any documents like a Trust, beneficiaries can and will hire an Attorney that will tie up assets for years not months and that whole time your estate may be paying the Cost.
A Living Trust should do this:
Promote Family Harmony.
Provide Asset Protection from divorce, creditors and Taxes.
Be a resource for beneficiaries not a burden.
Provide a legacy from one generation to the next.
Your Estate Planning Attorney should be a constant resource for you, your family and your business. This is an important relationship where your Attorney keeps you updated on the law and you keep him updated on your situation.