So, what’s the average cost to create a revocable trust anyways?

[Tree-dweller]

After decades of procrastination, we met with a lawyer for his free consultation on estate planning. His suggestions for our situation made sense, but I was taken aback by his fees. His bundled plan, which includes durable POA, healthcare proxy, living will, HIPPA auths, will, and revocable trust would cost in the $5k neighborhood. Note this is Massachusetts, where everything is more expensive, but I have no idea if that’s a reasonable cost. While I am going to sit with at least one other atty locally, what’s been your experience? Please, I don’t want to get into a discussion on whether I need the docs or not, just looking to see what others may have paid a lawyer for similar stuff.

 

[Lawrencewendall]

I was quoted 1-1.5k in Maryland.

 

[Luvdogs]

We paid 2K about 12 years ago.

We are updating it this month with just minor changes. The kids initially would get the $$ in drips and drabs.

We will update it so they can have it all at once.

But this attorney (different attorney) said he needs to re-write it and not just make the small change. Hmmm...

 

[PatrickA5]

I recently went to a seminar of a local estate lawyer. When someone asked the cost, he said if it's needed immediately it would be somewhere around $20K. If it was a normal revocable trust, POA, etc, that usually took a couple of months, then it would be "less than half that". But wait! If we brought in a special yellow paper from our seminar within 30 days, we could take 20% off! We failed to do it. My guess is that in my MCOL city that he would have charged around $5K for the package. That's a 75% savings!

My current estate lawyer said she would charge $1,500 for just the Trust and $2,000 for the package. We got everything set up to avoid probate for about $500 total - without a trust. We will review our plans in probably 5 years.

 

[Doribe]

Original will and Power of documents was about $2500, about 20 years ago. Recent update was about $300. No trust.

 

[corn18]

$1500 for the full meal deal 2 years ago in Ohio.

 

[OldShooter]

Rev trust (which we really don't use), a couple of fairly complex testamentary trusts, pourover wills, POAs, Health Care powers, etc. was $4-5K a few years ago. We're just gong through a tuneup that involves signing new versions of virtually everything. My guess is that will be $2K.

Re "free" seminars, my take is that the only reason someone would be hustling business this way is if they are not getting enough referral business. I think the really good guys do not have to be hucksters.

 

[jazz4cash]

I was quoted 1-1.5k in Maryland.

I went to a seminar by the guy that comes on the radio Saturday mornings in the DC,MD, VA area and he threw out a similar number but said up to $3k if you have several properties in different states. He is much better on the radio than in the seminar.

 

[Rianne]

It depends how complicated the trust is. In our case, 1K and additional $100 for changing the will. We'll probably change it again.

 

[JOHNNIE36]

Total package five years ago was $1000 for us. Nothing out of the ordinary. Guess it would be called a simple trust.

 

[kgtest]

Less than $1000, paid an independent attorney. Had to have executor present to sign and that saved an extra trip and money.

 

[Dash man]

We spent $3,500 last year for two trusts (nearly identical trusts for DW and me), two wills, and all the POAs, health directives and such. We are in the Philly suburbs.

 

[Charlotte]

$4500 last year. I live in NC. This price includes some number of minor changes over the coming years, if the changes should arise.

 

[tb001]

We paid either 2k or 2.5k for the full package in the SF Bay Area. Used someone that worked out of their home and came to us. We just updated everything and got a second trust set up and paid 3200. The trust itself was an expensive piece of the updating.

 

[gauss]

If it were me, and I thought the trust was not complicated (ie no special needs dependents to be cared for etc. etc.) I would probably just spend ~ $50 for the NoLo self-service legal book that applies.

Note I am a DIY guy who likes to learn how things (including legal matters) work.

-gauss

 

[VanWinkle]

If it were me, and I thought the trust was not complicated (ie no special needs dependents to be cared for etc. etc.) I would probably just spend ~ $50 for the NoLo self-service legal book that applies.

Note I am a DIY guy who likes to learn how things (including legal matters) work.

-gauss

+1 I used Nolo for my health/finance powers of attorney.
My will was done by local attorney for 400.00 before I figured out
I could have done it myself!!

 

[HI Bill]

Original will and Power of documents was about $2500, about 20 years ago. Recent update was about $300. No trust.

I created a power of attorney, and a will using Willmaker Plus, for less than $60. Not too hard, if you don't have many probatable assets. (Almost all of my assets are in accounts with beneficiaries identified, which are not subject to the will, or to probate).

On the other hand, for my father's house in CA, I did pay $2K in 2018 for him to establish a trust using a lawyer. Also paid the same lawyer $8K this year to take my mom's house through probate. You may want to check the state's laws about what requires probate when determining whether to create a trust.

 

[OldShooter]

I dunno. Different strokes for different folks, I guess.

I would never consider performing an appendectomy on myself and and I would never consider doing an estate plan and drafting documents myself. This is a place for expert help and mistakes are likely to be discovered after death, when there are no do-overs and no opportunities to explain what was intended.

DW was an SVP in Investments and Trusts for a megabank and she routinely came home with horror stories about documents drafted by amateurs, nonspecialist attorneys and even by attorneys who claimed to be specialists. Once in a while it was a big enough problem that the the bank had to go to court to get mistakes corrected or problems resolved. All on the estate's dime, of course. Hypothesize a $1M estate and a $4K cost to do the job right. That's 40 basis points. Hardly a big deal IMO.

 

[ExFlyBoy5]

I dunno. Different strokes for different folks, I guess.

I would never consider performing an appendectomy on myself and and I would never doing an estate plan and drafting documents myself. This is a place for expert help and mistakes are likely to be discovered after death, when there are no do-overs and no opportunities to explain what was intended.

DW was an SVP in Investments and Trusts for a megabank and she routinely came home with horror stories about documents drafted by amateurs, nonspecialist attorneys and even by attorneys who claimed to be specialists. Once in a while it was a big enough problem that the the bank had to go to court to get mistakes corrected or problems resolved. All on the estate's dime, of course. Hypothesize a $1M estate and a $4K cost to do the job right. That's 40 basis points. Hardly a big deal IMO.

Yep...and malpractice insurance for estate attorneys is not cheap. You know why? It's very easy to screw it up.

 

[Conundrum]

It cost me .07% of my NW to have a attorney draft the full meal deal. That along with a stout umbrella policy is cheap insurance IMHO.