It usually costs between $1,000 and $5,000 to set up a living trust. But it can vary widely, depending on:
- the kinds of assets you put in the trust
- how complex it is to manage
- where you live
When you are first setting up a new living trust, your costs cover two things:
- package of trust documents
- moving assets into the trust
There are ongoing costs, too. You might have to pay to:
- change assets in the trust
- maintain the trust (because of trustee and investment fees)
- change your beneficiaries
The biggest thing that affects the cost of a living trust is the complexity of the assets in your estate
The cost to set up a living trust mainly depends on how complex your assets are.
If you have many different types of assets, it takes more work and legal know-how to manage them. “Complex” assets might include:
- multiple properties
- alternative investments
- business interests
- assets held in different countries
If your estate has simple assets — say, one home and a few bank accounts — setting up a trust is straightforward and costs less.
Also, if your estate plan has special rules for how your assets should be given out — like conditions on inheritances or trusts for children — the trust needs more detailed rules. This can make the trust more complicated and raise the cost.
The structure of your estate can also have a big impact
How your estate is set up also affects the cost of a living trust. More complex plans, like different rules for different family members or plans to give to charities, need careful planning.
For example, if you want to give money to your children at different times — some when they turn 18, more after college graduation, and the rest at 30 — each condition has to be clear in the trust.
Or maybe you have a relative with special needs, and you want the trust to support them without them losing any government help they receive. This all needs to be carefully managed in the trust document.
Think about your personal items too. If you want your spouse to get your house but your art collection to go to museums, each piece needs its own plan in the documents.
Family matters can make things more complex, too. If you have children from different relationships, or you want to leave someone out while providing for others, this needs very clear legal wording to avoid disputes and make sure your wishes are followed.