Is a Living Trust Expensive? Living trusts used to be exclusively expensive, but not anymore. It used to be an instrument used by the rich and famous, but these days it has become affordable.
The cost naturally depends on the complexity of the family case. However, should you calculate the high costs and time of Probate, you may find the comparative costs to your heirs is significantly higher.
Sadly, the true value of the living trust may not be clear to all until after family member dies or become incapacitated. Which, of course, if far too late for a proactive process. A poorly drafted and/or executed document may end up costing much more than a well-crafted living trust done by an experienced practitioner.
The more apropos question is: “is the absence of the correct and executed living trust expensive?” To which the answer is most probably: Yes!
Hence, an experienced trust administrator may complete tasks including but not limited to
- Obtain legal documents and records necessary to administer the trust;
- Obtain records necessary to certify the trust;
- Collect monies owed;
- Maintain property inventory;
- Pay debts attributed to the trust;
- Obtain valuations or appraisals;
- File tax returns;
- Provide reports to beneficiaries;
- Execute title transfers to beneficiaries;
- Distribute income and property to beneficiaries.
As an outsized factor in your legacy, estate planning is not something you simply “set and forget.” Mark Gullotta, Esq. provides an entirely simplified estate planning process, which not only protects your loved ones, it also minimizes unexpected costs and conflicts. Mark Gullotta serves San Mateo County area, such as San Bruno, Millbrae, Burlingame, South San Francisco, Daly City Colma, and the City of San Mateo and has been an estate planning attorney for more than 15 years, certified as one of the top attorneys in North America from 2015 to 2019. For experienced, knowledgeable estate planning advice, contact Mark Gullotta today.