Ask the Experts: What do living trusts cover and cost? - Business ...

By CLAUDIA BUCK | McClatchy Newspapers ? Published July 16, 2012 Modified July 16, 2012

Getting a living trust is on many people's "must-do" lists. But what a living trust covers and how much it costs can be unknowns.

Here with some explanations is Sacramento, Calif., estate planning attorney Kay Brooks with Weintraub Tobin Chediak Coleman Grodin Law Corp.

Question: Approximately how much would I pay for a living trust, if my only asset is a duplex?

Answer: I strongly recommend that you create a complete set of estate planning documents.

Along with your revocable living trust, you need a "pour-over" will, powers of attorney for your financial and health care decisions and deeds or other transfer paperwork to move assets into the trust.

Each of these documents serves a necessary and very specific function in a complete estate plan: The trust avoids probate and provides for disposition of your assets upon death; the will directs that certain assets not already in the trust be "poured over" into the trust; and the powers of attorney documents provide a mechanism for someone to handle your health decisions and financial affairs if you become incapacitated.

The cost of estate planning varies by lawyer and location. You want to work with someone who does estate planning as all or a substantial portion of his or her law practice.

Based on my inquiries to local attorneys, rates for a simple estate plan (including a complete set of documents) range from approximately $1,500 to $4,500 for a single person with straightforward assets. The rates will be higher if more planning issues need to be addressed.

Variables affecting the cost include: the number of beneficiaries you name in your trust; the planning issues related to those people; how customized you want the documents to be; how responsive you are in providing the information needed; and how long it takes you to make the necessary decisions.

Some attorneys charge a fixed rate, while others charge by the number of hours it takes to prepare the plan. Make sure you fully understand upfront how you will be charged.

Choose a lawyer you trust and with whom you would be comfortable discussing personal matters. Referrals from a trusted adviser, friend or family member will steer you in the right direction.

Source: http://www.theolympian.com/2012/07/16/2174859/ask-the-experts-what-do-living.html

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