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How much does it cost to put your house in a trust?
In this article, you’ll learn about:
Let’s dig in.
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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.
Putting a house in a trust is a way of managing and protecting your property, often for estate planning purposes.
Here’s a simple breakdown of the costs involved:
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You could expect to spend between 0.5% to 1.5% of trust assets plus 0.5% to 2% of invested assets plus $600 to $2,500 annually to maintain a trust.
Maintaining a trust involves several potential costs:
Let’s compare the low end to the high end of trust maintenance costs:
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Yes, there can be yearly fees for a trust. These fees can include:
The exact yearly fee for a trust varies based on its size, asset management, and other factors.
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Setting up a trust provides greater control, privacy, and protection for assets.
It’s worth considering if you prioritize these benefits, despite the higher costs and complexity compared to other estate planning tools.
Setting up a trust offers several advantages:
However, there are downsides:
Read More: What Assets Cannot Be Placed In A Trust?
A trust can offer several tax benefits:
Here is how the tax benefits of a trust compare to the cost of putting your house in a trust:
Determining the average tax savings from putting your house into a trust can be complex and varies based on individual circumstances.
Here’s a simplified overview:
Tax Savings from Putting a House in a Trust:
Cost of Putting a House in a Trust:
As discussed earlier, the costs can range between $1,000 to $5,000, with an average of $3,000.
This is considering trust attorney fees, filing fees, and other associated costs.
Comparison of the cost to put a house in a trust vs. the tax benefits:
In many cases, the decision to place a house in a trust is less about immediate tax savings and more about long-term estate planning.
And it’s about ensuring assets pass to beneficiaries in a structured way.
A trust and a will serve different purposes.
Here’s who might need a trust instead of, or in addition to, a will:
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Here are other questions that clients ask us related to the cost of putting your house in a trust.
Yes, you can put a house with a mortgage into a trust.
However, there are a few things to keep in mind:
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No, your house does not have to be paid off to put it in a trust.
You can transfer a house with an existing mortgage into a trust.
However, it’s important to check with your mortgage lender first.
Some loans have “due on sale” clauses that could be triggered by such a transfer.
If allowed, once in the trust, the trustee becomes responsible for continuing mortgage payments.
Read More: How Long Can A House Stay In A Trust After Death?
The grantor usually pays the mortgage on a house in a trust, but the trust can dictate other arrangements if needed.
When a house in a trust has a mortgage:
Putting your house in a trust has several disadvantages:
Read More: Can A Beneficiary Live In A Trust Property?
If you want help from a trust law firm, fill out the form below.
At The Hive Law, we understand the importance of:
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Benefits of our trust services:
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