Cost of Setting Up Will and Trust

[ny96]

This is a long overdue task for us. We were referred to someone by a friend and they are quoting us $8000. This seems high, but I really have no idea what this should cost.

[quesyrah]

We paid around $5,500. We are in Southern CA.

[goldengirlz]

I know it’s January so maybe not the best timing to mention this, but we signed up for the legal plan that my company offers during open enrollment and it was covered 100%. Otherwise, it would have been at least a few thousand.

[ny96]

Jan 6, 2023 12:30:43 GMT -5 goldengirlz said:

I know it’s January so maybe not the best timing to mention this, but we signed up for the legal plan that my company offers during open enrollment and it was covered 100%. Otherwise, it would have been at least a few thousand.

I wish our companies offered a legal plan.

[ohgillian]

That’s mind boggling to me. I paid about $750 for both me and H a decade ago. The same attorney recently did paperwork for a single friend for I think $450.

Ours is a will, living will, powers of attorney, and a trust that is triggered if we both die.

So basically, I think you should try to get another quote.




ETA: I separately had a family trust created about 7 years ago. It was well under $1000. (different attorney, different state.)

[laterz]

Ours was about $3500 in Chicago.

[mpm]

Jan 6, 2023 12:30:43 GMT -5 goldengirlz said:

I know it’s January so maybe not the best timing to mention this, but we signed up for the legal plan that my company offers during open enrollment and it was covered 100%. Otherwise, it would have been at least a few thousand.

For anyone considering doing this, look into the attorneys/firms covered by the plan and make sure that they’re actually estate attorneys. I work for a large company and the legal plan they offer requires you to use attorneys that are really scraping the bottom of the barrel of legal competency.

[indifferentstars]

A few months ago, we paid $1750 total (for both of us) for an estate planning attorney to draw up wills with a testamentary trust created upon our deaths, POAs, and whatever other standard stuff was part of the estate planning package.

If we had opted to create a living trust, it would have been around $3-4K. We're somewhat LCOL, but 8K still seems a little steep maybe.

[heygrey]

Just a will was $750 and a will with other stuff (trust, poa, maybe more?) was just under $2k. I’d definitely shop around.

[puppylove64]

I live in a LCOL and I think we paid about $800. It was pretty simple

[melmel48]

I paid $500 3 years ago. I was originally told it would be $750 by the person who referred me to the attorney; but it was $500 flat fee. At the same time, I was quoted $950 by another attorney. I would have paid that; but I didn't care for the attorney. I got lucky that the attorney I liked best was the cheapest.

I am just north of Boston. This included POA, health care proxy and one other thing; I can't think if it right nowq.

I am single, so this was for one person.

[cricketwife]

That’s around what we were quoted in August of last year. Trusts are much more expensive than simple wills and estate docs, in my understanding. We ended up not doing it because of a family crisis, but plan and need to come back to it when we can.

[daisyduck]

We negotiated and ended up paying $2500 for will, trust, POA, etc. I can't remember the price they originally told us, but it was maybe $500-$1000 more than that. We were told the price depends on the complexity of your assets, but I also think they throw a price out to see what you will pay. I would get more quotes and negotiate for a better price.

[farmvillelover]

Jan 6, 2023 12:26:30 GMT -5 ny96 said:

This is a long overdue task for us. We were referred to someone by a friend and they are quoting us $8000. This seems high, but I really have no idea what this should cost.

That’s high even in the big metro cities unless you have a really complex/large estate. And even then it usually isn’t that much. If you tell me your county I can give you some names

[farmvillelover]

Southern CA - ranges are 2k-5k depending on attorney you use and your complexity

Northern CA (San Mateo and SF counties - ranges are 3k-7500 depending on same factors.

This is my area of practice and I have offices in both locations. My pricing depends on a few things: complexity, referral source, and sometimes estate size. I’m not going to charge an elderly person with very limited assets full boat, but a client with substantial assets (10mil+ single or 20min+ married) I may increase my fees because of tax planning that may be required.

[ny96]

Jan 8, 2023 13:42:50 GMT -5 farmvillelover said:

Jan 6, 2023 12:26:30 GMT -5 ny96 said:

This is a long overdue task for us. We were referred to someone by a friend and they are quoting us $8000. This seems high, but I really have no idea what this should cost.

That’s high even in the big metro cities unless you have a really complex/large estate. And even then it usually isn’t that much. If you tell me your county I can give you some names

That would be great. I’m in LA County.

[farmvillelover]

Would you be willing to work with someone in Ventura county? Extremely reasonably priced and VERY good. I will message you two names. I can vouch for them 100%

[ny96]

Jan 8, 2023 18:03:38 GMT -5 farmvillelover said:

Would you be willing to work with someone in Ventura county? Extremely reasonably priced and VERY good. I will message you two names. I can vouch for them 100%

Sure, thanks!

[egishere]

We paid around $2200 last year in Denver for will, trust and POA. 8k seems like way too much!

[woowoo]

We paid $4800 in central florida.

[shaynaatl]

Atlanta- we paid $1,100 last year for will/trust/POA. I was expecting to pay more than that.

[dancingirl21]

We paid $2800 for will, trust, and POA 2 years ago in Chicago suburbs. $8k seems super high!

[wildrice]

Since the original question is answered - what would a trust be set up for? Is this for distributing money to children?

My real question - do I need a trust? We don't have kids. We do need a will, just so that things aren't a giant hassle for survivors. There is about a 0% chance that I care enough about what happens to our money if we both were to die that I'm going to pay thousands of dollars right now to set something up, though.

[mcsangel2]

Jan 12, 2023 16:57:02 GMT -5 wildrice said:

Since the original question is answered - what would a trust be set up for? Is this for distributing money to children?

My real question - do I need a trust? We don't have kids. We do need a will, just so that things aren't a giant hassle for survivors. There is about a 0% chance that I care enough about what happens to our money if we both were to die that I'm going to pay thousands of dollars right now to set something up, though.

A will alone will not save your executor much hassle. You need a trust for that. A trust means your executor won't have to go to court to get permission to: access your bank accounts, investment accounts, close your utilities and your credit cards, settle outstanding debts, and sell your cars and your house.

[womet]

Jan 12, 2023 17:24:11 GMT -5 mcsangel2 said:

Jan 12, 2023 16:57:02 GMT -5 wildrice said:

Since the original question is answered - what would a trust be set up for? Is this for distributing money to children?

My real question - do I need a trust? We don't have kids. We do need a will, just so that things aren't a giant hassle for survivors. There is about a 0% chance that I care enough about what happens to our money if we both were to die that I'm going to pay thousands of dollars right now to set something up, though.

A will alone will not save your executor much hassle. You need a trust for that. A trust means your executor won't have to go to court to get permission to: access your bank accounts, investment accounts, close your utilities and your credit cards, settle outstanding debts, and sell your cars and your house.

This. My H is the executors for his dad’s estate. He died with no valid will. It has been a huge pain in the ass. We don’t have kids and will still have a trust. We won’t put our extended family through what FIL put us through.

[wildrice]

Jan 13, 2023 7:22:51 GMT -5 womet said:

Jan 12, 2023 17:24:11 GMT -5 mcsangel2 said:

A will alone will not save your executor much hassle. You need a trust for that. A trust means your executor won't have to go to court to get permission to: access your bank accounts, investment accounts, close your utilities and your credit cards, settle outstanding debts, and sell your cars and your house.

This. My H is the executors for his dad’s estate. He died with no valid will. It has been a huge pain in the ass. We don’t have kids and will still have a trust. We won’t put our extended family through what FIL put us through.

Do you recall what it cost to set yours up? 

[womet]

Jan 13, 2023 11:54:15 GMT -5 wildrice said:

Jan 13, 2023 7:22:51 GMT -5 womet said:

This. My H is the executors for his dad’s estate. He died with no valid will. It has been a huge pain in the ass. We don’t have kids and will still have a trust. We won’t put our extended family through what FIL put us through.

Do you recall what it cost to set yours up? 

This is where I'm embarrassed to say that we haven't yet. It's on our list of things to handle soon. We have the name of the guy my mom used for hers. I think she said it was ~$2K for her. I  can text you his info if you want.

[mcsangel2]

Our will/living will/POA/trust cost about $2000 in the Phoenix metro, about 5 years ago. As I recall, we got some kind of discount because we were referred by my in laws.