The decision between a Living Trust and a Will is the most typical option you have when creating an estate plan. If your estate doesn’t exceed a certain minimum value, a will is always a one-way trip to probate. The minimal requirement is around $50,000 in many states.
Among the main advantages of a living trust is that it eliminates the need for probate by allowing your estate to be administered and distributed by the successor trustee of your choice.
The cost of living trust in arizona will often be 3-5 times as much to create as a will. A Will might initially appear to be more cost-effective. But reconsider. The costs of the probate administration will often range between 5-10% of the gross cost of the estate if your estate should go between probate, which most often happens if you’ve made your Will. The probate-related prices could cost the estate $10,000-$20,000 or more, even with a humble $200,000 estate.
Imagine that you are trying to come up with a strategy to leave your descendants a legacy that you have worked a lifetime to build. That is not a trivial matter, so you ought to seriously consider talking with an estate planning attorney.
So, how much does it cost to create a living trust? The amount of time required by an attorney to draft a living trust determines the cost in major part. It should take roughly 10 hours to create a living trust of high quality that satisfies your objectives for your estate and your heirs. The living trust process entails educating you on your options, having an attorney conduct a thorough fact-finding interview, consulting with you to discuss the specifics of a workable plan, drafting and reviewing documents, delivering and executing them in front of a Notary, as well as funding your trust, which refers to the process of renaming assets to your trust.
As a result, the price of creating a living trust is sometimes determined by the attorney’s standard hourly rates. The typical legal fees in some states are more or lower than those in other states. Generally speaking, the more experience the law offices in phoenix az has, the higher the average rate is. With that said the price of creating your living trust is going to probably be around $2,500 if you engage with an attorney who bills at a rate of $250/hour.
