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The National Council on Aging estimates the cost to set up a living trust to be up to $3,000, while the cost to maintain it can range anywhere from $2,500 to $7,000.
You could create a will that outlines your wishes or set up a living trust as part of your estate plan. ... Furthermore, there's a cost to probate, and according to LegalZoom, it can be 3% to 7% ...
Issues to consider with a living trust If there's one drawback to putting a living trust in place, it's the cost. You should expect to spend more on a living trust than a standard will.
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. [119]
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. You're able to maintain control over a trust and its assets as long as you're alive.
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