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How much will a living trust cost?

On Behalf of | Jun 15, 2023 | Estate Planning

Creating a living trust in Missouri will involve a certain amount of costs. These can consist of administrative fees, legal fees, and charges from a notary public. However, this is an investment that you are well advised to make. The long-term benefits that you and your heirs receive will almost always outweigh your initial cost.

Why do you need a living trust?

Establishing a living trust can be a vital component of modern estate planning. The main reason to create this type of trust will be to ensure a smooth delivery of your assets to your heirs after you have passed. Assets that are contained in a living trust will generally take less time to disburse.

This type of trust may also prove useful if you wish to leave property to a minor. The property can be stored in the trust until that child comes of legal age. There will be no need for a conservatorship if the child becomes disabled. This is because you have already appointed a trustee.

How much should you expect to pay?

Several factors can affect the cost of creating a living trust. The most important will be whether you draw up the document yourself or hire a professional to do it for you. If you opt to do it yourself, you can use an online service. In this case, you may pay anywhere from $100 to $300.

You can also opt to have your living trust drawn up by a professional. This may cost you anywhere from #2,000 to $8,000. While the initial cost is higher, you will have the benefit of being advised by a professional. This can help to eliminate a great deal of complexity. Your best bet will be to deal with someone who deals specifically with trusts.