Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I'm considering setting up a living trust and have met with an attorney. I have a couple of questions to which I'm hoping to receive some Foolish advice.

I have been quoted a rate of between $1100 and $1700 to set up the trust (depending on how complicated we want to get). I have seen rates advertised of $300 to $500 for both attorneys and companies to set up a living trust.

Once a trust is set up, are there any further fees. Will there be large fees if my wife or I die, or if both of us dies? Are the only future fees going to come when we update the trust?

Why should I not use a cheaper company or attorney? Do they get their money back by charging fees later? Do they advertise $300 and then when you come in, they say that in your case it will need to be more complicated and will cost $1500? If they charge such low fees should their comptency be in question? If I use a company will I have to pay more (than I would if I had used an attorney) to perform updates every few years?

Any advice will be greatly appreciated.

To TMF Taxes, will there be an article on Living Trusts in the FAQ anytime soon (or did I miss it)?

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.