The costs for preparing a revocable trust can vary significantly depending on whether an attorney is involved, the size of the trust, the amount of trust property, the number of beneficiaries and any other complicating factors. On average, the cost can range from $20 (preparing your own trust) to several thousand dollars (involving an attorney).
If you want an attorney to prepare a basic revocable living trust in which you transfer your house and a few items of personal property to the trust, you are probably going to pay around $750 total.
Most people own less than $3.5 million in total assets, so they do not need to worry about federal estate tax or state inheritance taxes. However, if your net worth exceeds $3.5 million, the cost of of your revocable trust will go way up, possibly near $100,000 if you want to employ an intense tax-avoidance strategy.
One of the easiest ways to prepare a living trust without paying an expensive attorney is to purchase a custom form from an online retailer. The cost of these custom forms ranges from $30 to $150.
In addition to estate value, other factors that can increase the fee for a revocable trust include the number of beneficiaries you want to include, the number of states in which you own real property, whether you own any business interests and the type of administration you want from the trustee.
Many people are capable of preparing their own basic revocable living trusts. If you are do-it-yourselfer, you can purchase a good legal guide such as from Nolo, for about $20 and then prepare your own living trust for no additional cost.
- "Nolo's Make Your Own Living Trust"; Dennis Clifford; 2009
The Constitution Guru has worked as a writer and editor for "BYU Law Review" and "BYU Journal of Public Law." He is an experienced attorney with a law degree and a B.A. degree in history with an emphasis on U.S. Constitutional history, both earned at Brigham Young University.