How Much Does a Living Trust Cost?

A living trust is a legal document created during an individual’s lifetime. It places assets into a trust for their benefit while they are alive and transfers those assets to designated beneficiaries upon death. Unlike a will, a living trust lets you avoid probate and provides for you during your incapacity.

Several factors influence the cost of setting up a living trust. These include the complexity of the trust agreement, the amount of assets that need to be transferred to the trust, and the amount of customization required. More experienced attorneys will charge more to prepare a living trust.

Average Cost of a Living Trust in Florida

The average cost of a living trust in Florida is about $2,500 to $3,000. The cost will go up if it is a joint trust or if you need customized provisions. The cost of the trust includes preparation of the trust document as well as ancillary documents such as a will, power of attorney, health care surrogate designation, and living will.

A living trust can be designed to protect the joint assets of a married couple in Florida from creditors even after the assets have been transferred into the trust. A trust with these provisions will cost more than a simple living trust.

Cost Compared to Other States

Florida is not the cheapest state for setting up a living trust, but it is also not the most expensive. It costs more to set up a living trust in states like California and New York. States with lower costs of living tend to be less expensive for trust work.

Can You Set Up a Living Trust By Yourself?

There are many online services that allow you to set up a Florida living trust by yourself. These are less expensive than getting at rust from an attorney.

However, an attorney can customize your trust, ensure that it meets all legal requirements, and help you avoid common mistakes. An attorney can also assist in funding the trust after it’s created.

About the Author

I’m an attorney who specializes in asset protection planning. I graduated with honors from Emory University Law School and have been practicing law for almost 15 years.

I have helped thousands of clients protect their assets from creditors. Before private practice, I represented the federal government while working for the IRS Office of Chief Counsel.