How Much Does a Trust Cost? - YouTube

Hi Lee Phillips here.

I want to talk to you today

about a reasonable price for a living revocable trust.

The living revocable trusts are complex

to simple

so there's a big variation

they are anywhere from 3 pages to 100 pages long

depending upon what you get the price is going to vary

and you can even do them yourself

legal doom I think charges $600-700 for the living revocable trust

and you get them online

I have a kit for you that does them

you can do them yourself

you can do it for your mom, your dad, yourself

and the funny thing is

his mom and dad's trust looks about like her mom and dad's trust

looks about like your trust

lawyers don't create new

documents for everybody that walks in off the street

most of it, 95% of it is boilerplate.

So back to the price

what's the price going to be?

Well if you're in California, your insurance agent

and your accountant

and a half a dozen other people under California law

can do living revocable trusts.

in most states it's the lawyer only

and Californians pay more for everything anyway so

when we're talking a price it doesn't matter

whether the accountant's doing it or the lawyer's doing it

you're gonna pay a chunk

chunks

I'm gonna say bare minimum for the lawyer these days is about $1000

well I'm gonna say $1500

let's say $1500

nah, you're not gonna get it for $1,000

$1500 that's the bare minimum

a really good price in hometown America for mom and pop today

let's say anywhere from $2,000-$5,000

for the living revocable trust.

If you're under two, ehhhh

I don't know

if you're over five well something's got to be more complicated

you're in the big glass buildings downtown

and the lawyer just charges more

I mean I'm stunned of what lawyers charge in downtown Manhattan these days

in fact if you're in downtown Manhattan you're not $2000-$5000

you're $10,000-$15,0000

I'd pretty much guarantee that.

So it somewhat depends on where you are as well.

Then the lawyer isn't going to charge you by the hour

for your living revocable trust

he's going to charge you by the piece

the package

the package is going to include the living revocable trust

and then it's gonna include a pour-over will

that's different than the standard testamentary will

because it doesn't distribute the property

it "pours" it all over

into the living revocable trust

and we have a YouTube on pour over wills

so it's going to pour it over into the trust.

The trust is going to distribute the property.

Then you're often going to have a durable power of attorney included in this package

and that may include HIPPA stuff

it might include medical directive

living will

that sort of thing.

This all comes in a package together.

The lawyer will usually

if you give him the deeds

the property descriptions

he'll usually prepare deeds

to move the property from you

into the living revocable trust.

It might include a Schedule A

but we have YouTube's on Schedule As

or the schedules for the trust

they're worthless basically

you're gonna have to do that

so you're gonna get the package

the trust, the will, the power of attorney, the durable power of attorney

and that's gonna be your basic package.

You'll get an instruction set

that teaches you how to move property into the trust

that sort of thing

It may be in a nice binder

it could be in fancy leather binder

all sorts of different variations

that lawyers do

I just wrap mine in a blue paper

and put some staples on it.

The blue paper and the staples

go to the evidence

that you haven't undone that

and the document hasn't been tampered with.

If it's in a binder you can take the pages out

three-ring binder all day long, right?

Well, we want some evidence that it hasn't been tampered with

so I just use a blue paper.

At any rate

hometown USA today

easy distribution to the kids equally when mom and dad die

no fancy life trusts

and it's not taxable

if you've got an estate tax issue

price is going to go up

because it becomes more complicated

we have the a/b trust and all that sort of stuff that we have to deal with

so $2,000-$5000 is not unreasonable today

hometown USA

for your living revocable trust