The cost to set up a trust varies widely depending on the type and complexity of the trust, the location, and whether legal assistance is used. Generally:
- Basic living trusts typically cost between $1,000 and $4,000 when prepared by an attorney, with some simple trusts starting around $1,000 to $2,500.
- More complex trusts, such as irrevocable trusts, special needs trusts, or trusts for high-net-worth estates, can range from $5,000 to $20,000 or more.
- DIY or online template-based trust setups cost significantly less, typically between $50 and $1,000, but carry higher risks of errors.
- Additional costs include fees for transferring assets into the trust (e.g., property deed recording), annual maintenance, trustee fees, and possible tax preparation fees.
In summary, setting up a trust can cost anywhere from a few hundred dollars (DIY) to upwards of $20,000 for complex legal trusts, with typical attorney- prepared living trusts falling around $1,500 to $5,000.
Would more detailed cost breakdowns or types of trusts be helpful?
