What Is The Cost Of A Living Trust vs A Will?

Cost Of Living Trust vs Will - How Much Does A Living Trust Cost - How Much Does A Will Cost - Cost Of Making A Will With A Lawyer

What is the cost of living trust vs will? 

In this article, you’ll learn about: 

  • how much do living trusts vs wills cost
  • how much it cost to do it yourself vs an attorney
  • who needs a living trust instead of a will

Keep scrolling to learn more.

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Cost Of Living Trust vs Will

Let’s break down the cost of a living trust vs a will. 

Living Trust$50 - $350$1,000 - $3,000$5,000+
Will~$50$750 - $1,500$1,500+

How Much Does A Living Trust Cost?

Here is how much a living trust costs based on the complexity of your living trust:

  • Simple Trust: $1,000 – $3,000
  • Complex Trust: $5,000+

This fee typically includes:

  • the initial consultation
  • inventorying your assets
  • trust drafting
  • transferring assets into the trust
  • signing process

Let’s say your estate is complex, requiring unique provisions or tax planning.

Setting up a living trust like this costs can go up to $5,000 or more. 

Read More: How Much Does A Living Trust Cost?

Cost Of A Do It Yourself Living Trust

A do-it-yourself living trust will cost you $50 – $350. 

To set up a living trust yourself, you’ll need to:

  • pick a trustee and list the beneficiaries
  • inventory your assets
  • create your trust agreement
  • transfer your assets into the trust
  • create a pour-over will, healthcare directive, and power of attorney

How Much Does A Will Cost?

The cost of a will ranges from $750 – $1,500.

For a simple estate, the cost of a will could be around $750.

But the cost of a will for larger, more complicated estates is $1,500+.

Cost Of A Do It Yourself Will

The cost of a DIY will is ~$50. 

The only things you need to pay for when doing a will yourself is:

  • the will document (you can find these for free)
  • a notary (usually under $50)

Cost Of Making A Will With A Lawyer

The cost of making a will with a lawyer is $750 – $1,500.

Your estate planning lawyer will:

  • talk to you about your goals and plans
  • inventory your assets
  • draft your will
  • provide witnesses for signing the will
  • notarize your will for you

Who Needs A Living Trust Instead Of A Will?

Here is who would need a living trust instead of a will:

  • People With Complex Assets: If you own multiple properties or have investments in different states or countries, a trust can simplify management.
  • Those Wanting to Avoid Probate: Trusts often bypass the lengthy and public probate process, allowing for a quicker distribution of assets.
  • Privacy Seekers: Trusts are private, whereas wills become public record once probated.
  • Families With Minors: Trusts can specify when and how children access inheritance.
  • Individuals With Disabled Dependents: A special needs trust can protect assets for a loved one without jeopardizing their government benefits.
  • People Concerned About Incapacity: A trust can specify who manages your assets if you become mentally incapacitated.
  • Estate Tax Planners: Trusts can be structured to minimize or avoid estate taxes for larger estates.
  • Individuals With Blended Families: Trusts offer more intricate ways to distribute assets to stepchildren, half-siblings, or subsequent spouses.
  • People Wanting More Control: Trusts can detail exact conditions for asset distribution, unlike a will.

FAQs About The Cost Of Living Trust vs Will

Here are other questions our clients ask us about this topic. 

How Much Does It Cost To Make A Will And Power Of Attorney?

It costs up to $1,500 to make a will and power of attorney. 

Here are several factors that play into this cost:

  • DIY Forms: Using do-it-yourself online platforms or forms can range from $20 to $150.
  • Attorney: Hiring an attorney to draft these documents typically costs between $300 to $1,500. The price depends on your location and the complexity of your needs.
  • Document Reviews: If you have a DIY will or power of attorney and want a lawyer to review it, expect to pay between $50 to $300.
  • Updates: Changing or updating these documents later can cost between $100 to $500 with an attorney.
  • Additional Costs: Notarization, witnessing, or any associated filing fees may add $10 to $100 to the total.

How Much Does It Cost To Put Your House In A Trust?

On average, it costs $3,000 to put your house in a trust.

Depending on the complexity of the estate, it costs between $1,000 – $5,000 to put your house in a trust. 

Do You Need A Lawyer To Make A Will?

No, you don’t need a lawyer to make a will. 

But, a lawyer can ensure it’s legally valid and reflects your wishes. 

If your estate is simple, online templates or software might suffice. 

But for complex situations, an estate planning lawyer’s expertise is beneficial. 

Mistakes in a will can cause disputes or complications.

Can I Write My Own Will And Have It Notarized?

Yes, you can write your own will

Most places allow handwritten or typed wills. 

It should clearly state your wishes and list your assets and beneficiaries. 

You usually need to sign it at the end.

Most wills also require two witnesses who watch you sign. 

They must also sign the will. 

Notarization isn’t always mandatory, but it can make the will “self-proving”. 

A “self-proving” will can speed up the probate process.

Can You Set Up A Trust Without An Attorney?

Yes, you can set up a trust without an attorney

Here’s a simple guide:

  • Decide the purpose of your trust (e.g., avoiding probate or protecting assets).
  • Choose the type of trust: revocable (can change) or irrevocable (can’t change).
  • Pick a trustee who will manage the trust.
  • List the beneficiaries or those who’ll receive the assets.
  • Write down all assets you want in the trust.
  • Draft the trust agreement detailing the trust’s terms.
  • Transfer your assets into the trust.
  • Store the trust document in a safe place.
  • Review and update the trust as needed.

Get A Will Or Living Trust Made Today

If you want help from a trust law firm, fill out the form below. 

At The Hive Law, we understand the importance of:

  • protecting your hard-earned assets 
  • ensuring your family’s future
  • not losing everything to creditors and lawsuits
  • properly (and legally) distributing assets 

We only accommodate a limited number of clients each month.

So don’t miss your opportunity to work with our trust fund lawyers.

Benefits of our trust services:

  • Tailored solutions to fit your unique needs and goals
  • Expert guidance in navigating complex tax and legal matters
  • Preservation of your wealth for future generations
  • Streamlined asset distribution according to your wishes

Avoid the pitfalls of inadequate estate planning strategies:

  • Creditors seizing your assets
  • Lawsuits jeopardizing your family’s financial security
  • Family disputes over inheritance
  • Costly and time-consuming probate processes

Talk soon.

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