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Trusts Vs Wills

Costs Play An Important Part In Settling The Debate With Regard To Trusts Vs Wills

Jasper L. Edwards


One of the main considerations that people must be considering when evaluating the merits and demerits of trusts vs. wills would know which of the two options would cost the least.

With a bit of research, you will soon learn that an attorney will generally charge you between four and five hundred dollars in drawing up your will while the same attorney may charge you between two thousand and two and a half thousand dollars for making the trust.

A Simple Answer?

Thus, the first impression in the debate concerning choosing between trusts vs. wills will have been formed simply and without much effort either. However, with a little bit more care you will soon come to realize that the fees charged pertain only to the setting-up costs and not the actual costs of administering the wishes mentioned in either the trusts or wills after you have passed away.

Thus, before deciding one way or the other with regard to trusts or wills, you also need to take into consideration the costs of carrying out your wishes since it would be wrong to assume that the costs related to trusts or wills means only the cost of drafting either document. The trouble begins when the estate must pass through the probate process and so, you need to consider fees that could amount to as much as ten thousand dollars that in turn means needing to add this to the cost of either trusts or wills costs.

Thus, once you have factored in the costs of executing the will, you will find that wills are in fact, very expensive and thus you may actually be better off settling for the trust, which despite carrying higher initial drafting costs, will work out to be cheaper in the long run.

The fact is that if you choose a trust, you won’t need to be worried about going through probate and thus using a trust will help you eliminate as much as ten thousand dollars in costs of probate. Thus, any successor trustee would get the immediate right to distribute the property according to the trust and that there is no need for anyone to go to court or hire a lawyer to execute the estate satisfactorily.

Another advantage to opting for a trust is that in case of wills, it is the legal document that is most often contested and by factoring in the high costs of executing the will, it will in fact be surprising to learn that the trust works out to be not only cheaper in the long term, but also less contentious and thus you would get value for your time as well as money by opting for a trust - especially a revocable living trust.

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