If you want to protect your assets and provide for your loved ones, a trust may be the answer. These trusts can also help your estate avoid the probate process. As you are considering your options for an estate plan, you might want to think about the costs. What is the average cost of a trust in Wisconsin? Here are some factors that could influence the price.
What Are Some Types of Trusts?
In Wisconsin, you have plenty of options when it comes to establishing a trust. They include:
- Revocable living trusts
- Irrevocable trusts
- Special needs trusts
- Charitable trusts
In many cases, revocable living trusts are often less expensive to create than irrevocable trusts. This is often due to their flexibility and ease of amendment. Irrevocable, special needs, and charitable trusts often have higher legal and administrative costs.
Do They Have Attorney’s Fees?
When establishing a trust, attorney fees are one of the biggest costs. While you might be tempted to draft these documents by yourself, that can lead to legal headaches and potential problems for your beneficiaries. You will want to consult an experienced estate planning attorney in Wisconsin to make sure your trust meets all the legal requirements.
In most cases, the cost for a lawyer to create a trust can range from $1,000 to $3,000. Once again, those prices are subjective. These costs can vary depending on:
- The complexity of your trust
- The attorney’s hourly rate
Are There Costs Associated With Trust Administration?
After you have finished setting up a trust, there are other costs to consider, like trust administration expenses. When you designate a trustee, they will often charge a fee to manage the trust. Sometimes, the costs are based on a percentage of the trust’s annual fees or assets.
Along with that, there are other expenses to think about for your trust. For example, if you transfer any real estate holdings into the trust, you may have to pay for title insurance and recording fees.
In Wisconsin, an irrevocable trust could require court approval. As you may have guessed, that can lead to more fees, such as filing and administration costs.
Additionally, you may have to pay for additional trust creation expenses, including document storage fees, notary costs, and any other specialized services related to the process.
How to Get an Accurate Cost
If you want a better estimate of your trust establishment and management costs, reach out to an experienced estate planning attorney.
These legal professionals can give you a personalized quote based on your needs and goals.
While the initial expenses can be high, there are plenty of benefits to having a trust, such as asset protection, no Wisconsin probate proceedings, and tax savings. If you would like to learn more, contact a skilled and experienced estate planning team in Wisconsin.
Learn More About the Costs of a Trust
Unfortunately, there are no set costs to establish a trust in Wisconsin. The prices can vary depending on your needs. However, with a consultation with Collins Law Firm, you can find out what to expect for your trust.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.