Trusts are there to manage and protect your assets. However, life is full of changes. Over time, divorce, the birth of a child, new investments, or shifting family dynamics may require your trust to be updated.
How much does it cost to amend a trust in Wisconsin? Many times, this will depend on the complexity of your trust, the nature of the changes, and the type of legal help. Here is what you can expect.
Amending a Trust
Creating a trust will reflect your financial and personal goals at the time of creation. However, as life changes, your trust may need to be updated.
This is done through a trust amendment. With this document, you can modify the specific terms of your trust.
Many people amend a trust due to:
- Changing or adding beneficiaries
- Updating the appointment of trustees or successor trustees
- Adjusting how assets are distributed
If multiple changes are needed, a full restatement of the trust may be required.
When Should You Amend Your Trust?
Many life events can prompt the need to update a trust. Here are some examples of when you should consider making changes:
- A new marriage, divorce, or remarriage
- The birth or adoption of a child or grandchild
- An increase or decrease in your assets
- The death of a trustee, beneficiary, or loved one named in the trust
- Changes in Wisconsin or federal estate tax laws
- The sale or purchase of major assets, such as a home or business
What Can Affect the Cost of Amending a Trust?
Now that you know when to make changes, how much will it cost?
Some factors can affect how much you may have to pay for these changes. For example, removing a trustee or updating a beneficiary is on the lower end of costs. However, restructuring the trust requires more time from your attorney. In turn, you can expect to pay a higher fee.
Most estate planning lawyers charge for trust amendments based on either an hourly rate or a flat fee. In Wisconsin, you can expect to pay between $200 and $500 per hour. Simple amendments often range from $500 to $1,500, while complex changes fall between $2,000 and $6,000.
Why You Should Avoid DIY Options for Amending a Trust
While do-it-yourself (DIY) legal services and templates may seem like an attractive, low-cost alternative, you could run into legal issues. Trusts are complex, and even small errors in language or formatting can render an amendment invalid or create unintended consequences.
Plus, Wisconsin has its own set of legal requirements for trusts. In these cases, a generic online template may fail to account for these requirements.
Amending a trust is not as easy as editing a document. The trust must meet all legal requirements to ensure it is valid and enforceable under Wisconsin law. Working with a qualified estate planning lawyer ensures that your amendment complies with these laws.
With their help, you can have peace of mind that your trust accurately reflects your wishes and is legally sound. This is the reassurance you need for you and your loved ones.
Find Professional Help for Your Trust Amendment
How much does it cost to amend a trust in Wisconsin? Many times, these costs range from $500 to $6,000, depending on the complexity of the changes.
Whatever you do, you will want to hire an experienced estate planning attorney. If you are ready to take the next estate planning step, contact Collins Law Firm. We can help you choose the right options to protect your family and assets. Contact us to book your free consultation by calling (414) 207- 6292.