People will frequently hear about setting up a trust as part of an estate plan. Typically, this is a revocable living trust, although some situations call for an irrevocable living trust. A revocable trust is one that can be completely or partially revoked either during the lifetime of the person creating the trust or afterward. An irrevocable trust means just that: it cannot be revoked.
Another form of trust is a testamentary trust. This is one that is set up as part of a will and does not become effective until your death. The trust I will be discussing here is a living trust. If a trust is set up under a will, that fee is included under the will preparation fee.
Not every person needs a trust. Unfortunately, some "trust salesmen" have held big seminars as they travel through town to try to convince everyone that they need a living trust.
Generally, unless you have a complex estate, you do not need a living trust to dispose of your estate. A living trust is a good idea if you own real property or mineral interests in another state. Sometimes, also, people prefer to use a living trust rather than a will to keep the terms of their bequests private. A will, if probated, becomes a public record, whereas a trust does not. There are other instances when a living trust is a good idea and instances when it is not.
If you have determined that setting up a trust is a good idea for you, you are most likely wondering how much it will cost you. Unfortunately, the standard lawyer answer is “it depends.”