Anyone just have a living trust drafted?

[cantdrv55]

Wifey and I had one done about 25 years ago then had it amended with a special needs trust. Our attorney has since retired and we have no relationship with the firm who took over. We’re looking to get the docs reviewed and updated as necessary. So far, no firm wants to do that, preferring to do a restatement instead which is basically starting from scratch. I understand the reasoning so I’m getting estimates for the work. I don’t remember paying $12k minimum back then even adjusted for inflation. Am I just out of touch or is that the going rate nowadays? Three firms have pretty much quoted the same fee structure. Talk about sticker shock!

[MMiller]

i just had my living trust updated last year and just like you I needed a new attorney. Also, just like you discovered they wanted to start fresh. I will say in fairness they created a much more comprehensive document compared to the original trust doc. The trust doc went from about 25 pagers to around 90 pages. It also included a pour over will which I did not have previously. It looked to me like it was mostly boilerplate docs that streamlined the process for the firm which is why I assume they just wanted to create a "new" living trust, it did retain my original creation date of 2004.

Cost however was not what you were quoted. I paid around 3k.

[LWJ]

I can't comment on a living trust. We have some sort of deal that converts assets to a trust upon my / our death.


But I can comment on a Special Needs Trust. My wife and I have one for our eldest child.

We paid a significant amount to have everything drawn up with an estate attorney that I went to UO with. I had a moment of extreme need when a friend passed, my attorney did not return my calls so he is now my EX attorney. We have a new estate attorney who I fully expect to simply add a codicil to what we currently have.

I don't expect a codicil to be very costly. Also, I have confirmed with a separate lawyer that amending a will with a codicil is acceptable and a common practice.

If you have specific questions re: the special needs trust, my wife may be able to assist. She is fairly educated on these things. PM me if you wish. Neither I, nor my wife, are lawyers!

[Paul T]

I’ve done one recently at about 1/3 of the cost you were quoted, along with living wills, poa, medical poa, wills, etc….seems high to me.

[unclebilly]

Getting a law depot account when I started my business has saved me thousands of dollars…

https://www.lawdepot.com/

[wdfifteen]

Originally Posted by cantdrv55

Wifey and I had one done about 25 years ago then had it amended with a special needs trust. Our attorney has since retired and we have no relationship with the firm who took over. We’re looking to get the docs reviewed and updated as necessary. So far, no firm wants to do that, preferring to do a restatement instead which is basically starting from scratch. I understand the reasoning so I’m getting estimates for the work. I don’t remember paying $12k minimum back then even adjusted for inflation. Am I just out of touch or is that the going rate nowadays? Three firms have pretty much quoted the same fee structure. Talk about sticker shock!

12K! It cost me about $1200 when I did mine 11 years ago.

[cantdrv55]

Everything seems to cost so much more here in SF Bay Area!

[bleucamaro]

Ours was free with my wife's legal insurance. I think a standard trust/will/power of attorney is like $2500 from our Atty in Sac.

Are you doing anything extra with yours? Spend-thrift or irrevocable?

[juanbenae]

Did one, although not as complicated as yours with the medical/care needs you have for the young man a couple years back. Since I'm not married and have no children mine was pretty simple, so I only paid like $2500.

What I did find is you can "redline" them for updates. Was in my pops' ear about getting another one done as his is at least 25 years old and he mentioned the "redline" option. I did not believe so I looked into it, and it was in fact a valid act for the document. Again, sounds like yours needs to cover more, but possible update it yourself and redline changes and any documents you want to add with an amendment legal description referencing the original trust have that document notarized.

Try one of those cheap living trust sites just to research it some. Good luck Chris.

[vash]

I got lucky. my work has a program, that took a paltry amount out of my paycheck that allowed me to use a lawyer assigned to the program. covered all of it, except printing and binding, etc. I did the trust then suspended the service when the year expired.

and do not miss the opportunity to give your trust a dope name. hahaha...

[E Sully]

My mother paid $5,000 in NY for her irrevocable trust a few years back. Quick internet search.

[rattlsnak]

We redid my parents trust just over a year ago and i did mine last August and both cost right at $3K and that's in two different states from two different firms.

[NY65912]

Just signed the docs for a living trust, will and healthcare proxy. Next on the list is to prepay for our funeral costs, we already own space in a masoleum. We want our kids not to have a difficult time when the time comes.