When you’re looking for a way to take care of your loved ones when you pass away, creating an estate plan is an absolute must. And for many people, establishing a trust can help them more effectively care for their beneficiaries and reduce the risk of costly probate processes eating into the inheritances they want to leave behind. But trusts aren’t free to set up, and you’ll want to have a rough idea of how much you’ll have to pay before you establish one with your Illinois estate planning lawyer. Let’s take a closer look.
The Average Cost You’ll Pay
Every trust is unique. They’re tailored to fit your goals and to ensure that your beneficiaries are able to inherit the property you want them to without too much confusion or concern. This means the exact amount you’ll pay will largely depend on your estate and the way you set the trust up. However, most people end up spending between $2,000 and $4,000 to establish their trust.
However, it’s possible that you’ll end up paying a much higher fee if your estate is more complex.
Factors That Impact the Cost of Your Trust
As we mentioned, the exact price you’ll pay for your trust will can vary and is largely dependent on the factors surrounding your trust. These are a few of the factors that can determine how much you’ll spend.
- The type of trust you create: There are several types of trusts that you can create, and the rate you’ll pay can vary between them. Your Illinois estate planning attorney will be able to explain the differences in detail to help you choose the right trust for your situation.
- The complexity of your financial situation: The more complex your financial situation is, the more time-consuming it can be to establish a trust. This can increase the amount you’ll pay simply because your estate planning attorney has to spend more time making sure everything is in order and that the trust can adequately protect your assets and your beneficiary’s best interest.
- The size of your estate: The larger your estate is and the more assets you need to plan for, the more your trust may cost to set up.
- The attorney you work with: Different Illinois estate planning lawyers charge different rates for their services. The attorney you choose to work with can influence the amount you pay to create your trust.
Keep in mind that this is far from a comprehensive list of factors that can impact the cost of your trust. Be sure to speak with your attorney and explain your situation in detail. The more information you provide, the easier it will be for your Illinois estate planning attorney to provide you with an accurate estimate.
Is a Trust Worth the Investment?
Trusts can cost more to create and maintain than wills. However, they can be worth the investment if your estate is large, has a high dollar value, or you’re trying to plan for clear and easy succession and inheritance. Typically, the more complex your estate is, the more beneficial a trust can be.
Your best option is to speak with your Illinois estate planning lawyer and let them know that you’re interested in a trust. They’ll help you decide if a trust is necessary or if you’re fine using a simpler estate planning method.
Let Legacy & Life Law Firm Help
If you’re trying to decide between using a will or establishing a trust for your loved ones, making that decision on your own can be difficult at best. Save yourself the stress and let an experienced Illinois estate planning lawyer at Legacy & Life Law Firm help. Contact us today to schedule a free consultation.