{"id":1115,"date":"2018-06-26T14:35:48","date_gmt":"2018-06-26T18:35:48","guid":{"rendered":"https:\/\/www.encyclopedia.com\/articles\/?p=1115"},"modified":"2018-06-26T14:35:48","modified_gmt":"2018-06-26T18:35:48","slug":"how-much-does-setting-up-a-living-trust-cost","status":"publish","type":"post","link":"https:\/\/www.encyclopedia.com\/articles\/how-much-does-setting-up-a-living-trust-cost\/","title":{"rendered":"How Much Does Setting Up a Living Trust Cost?"},"content":{"rendered":"<p>If you have any type of assets that you want to be distributed after you become extremely ill or unable to make cognitive decisions on your own, a living trust may be an option that you can choose. This document is similar to a will, but it is used when you haven&#8217;t died. <\/p>\n<p>Hiring A Professional <\/p>\n<p>Unfortunately, there is no set figure for a living trust cost. The factors that create the cost will vary and are dependent on financial situations as well as specified requirements. However, you can estimate what a general plan might cost by focusing on the type of living trust that&#8217;s prepared. <\/p><div id=\"encyc-3453663298\" class=\"encyc-content encyc-entity-placement\" role=\"region\" aria-label=\"Advertisements\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8594935838850960\"\r\n     data-ad-slot=\"1218748607\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Typically, a living trust will be placed in the hands of an attorney who specializes in this type of situation. Lawyers who have experience dealing with end-of-life planning are one of the best to use. They understand how to work with finances that are complex. <\/p>\n<p>Living Trust Cost <\/p>\n<p>A specialized attorney who handles living trusts can provide financial advice, legal advice and enter pertinent information into the documents that are required when you set up a living trust. If you have a large number of assets that need to be documented, it will increase the cost. <\/p>\n<p>A simple plan may start around $1000. The cost can rise significantly after that if you have a complex situation. Most attorneys will be able to provide you with an estimate of the cost when you first consult with them. <\/p>\n<p>Doing It Yourself <\/p>\n<p>If you have a simple financial situation, you may want to just do it yourself. You can accomplish this by searching the internet for &#8220;estate planning&#8221; documents. You can also use a software program that is specifically designed to help create a living trust. These resources can range between $20-$200, depending on how complex and thorough they are. <\/p>\n<p>You must realize that you are creating a legal document when you decide to go this route. If you make a mistake, it may be too late to fix it in the future. However, if you take your time, this may be more beneficial to you and only cost a few dollars. <\/p>\n<p>Paralegal Services <\/p>\n<p>Another route that you might want to take is to use the services of a paralegal. The cost for this would be somewhere in the middle of doing it yourself or hiring a specialized attorney. While a paralegal does not have the professional status of a lawyer, they are familiar with financial planning and may provide special insights that would be missed if you do it yourself.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have any type of assets that you want to be distributed after you become extremely ill or unable to make cognitive decisions on your own, a living trust may be an option that you can choose. This document is similar to a will, but it is used when you haven&#8217;t died. Hiring A [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,19],"tags":[27],"class_list":["post-1115","post","type-post","status-publish","format-standard","hentry","category-business","category-legal","tag-1806-99"],"_links":{"self":[{"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/posts\/1115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/comments?post=1115"}],"version-history":[{"count":1,"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/posts\/1115\/revisions"}],"predecessor-version":[{"id":1116,"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/posts\/1115\/revisions\/1116"}],"wp:attachment":[{"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/media?parent=1115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/categories?post=1115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.encyclopedia.com\/articles\/wp-json\/wp\/v2\/tags?post=1115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}