Cost of living trust

Asked 6 months ago - Rockville, MD

what is the difference between revocable and irrevocable willing trust
What is the average lawyer fee for setting up living trust, Value of the trust is estimated 2-3 million.Are there any annual fee to keep them updated?

What if there is no willing trust set how much probate cost is in maryland.
It is a straight family with no prior marriage etc and only to pass on to kids.

Attorney answers (5)

  1. Steven Eric Shane

    Contributor Level 5

    3

    Lawyers agree

    Answered . A revocable "living" trust, as the name implies, is a trust that the Settlor of the trust (person who generally establishes the trust) can revoke, change the terms or perhaps terminate. An irrevocable trust is a trust which cannot generally be changed by the Settlor.

    Revocable trusts are used as a tool for probate avoidance in Maryland (as well as other states).

    You should consult a Maryland attorney as an important piece to the plan is titling of assets.

    Cost will depend on the attorney you meet with and the complexity of the plan. Typically, there is no set annual fee, but, again, the attorney you meet with will explain this to you.

  2. Pearlette Vivian Toussant

    Pro

    Contributor Level 16

    3

    Lawyers agree

    Answered . Generally speaking, there is no set price for trusts; you need to discuss in private and in detail with an attorney. Unfortunately, this forum is not intended for such specific and fact intensive inquiry. Maintenance will depend on the type and complexity of the trust/s. Use Avvo's Find a Lawyer feature or contact your local bar association for a referral. Good luck to you and your family.

    Answer given for general advice and is not a legal opinion, which would require an analysis of the facts and... more
  3. Jon Joseph Gasior II

    Contributor Level 8

    1

    Lawyer agrees

    Answered . A Revocable Living Trust and an Irrevocable Trust are estate planning documents that are used to plan for both incapacity during life as well as after-life planning.

    The main difference between an Revocable and Irrevocable trust is exactly what see you in the name: revocability, or the person making the trust's ability to change or revoke the terms of the trust.

    Revocable Living Trusts are commonly used in estate planning as a way to avoid probate, do some tax planning, as well as plan for incapacity during life time. Irrevocable trusts come in many different forms and may be for Medicaid planning, Veteran's Administration Planning, advanced tax planning, as well as many other reasons.

    Lawyers charge a range of fees for these types of services and you will have to speak with one directly to determine the cost of setting up the trust.

    The cost of probate varies based on the size of the estate, what assets are considered "probate" vs "non-probate" assets, and if there are any taxes due.

    All of these questions can be answered fully in meeting with an estate planning lawyer. Good luck!

  4. Steven M Zelinger

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . It greatly depends on the lawyer and the unique situation of the client. From the sounds of it there may be MD estate tax issues which could require something more than "basic."

    Also. So that you use terminology correctly it is a Revocable Living Trust - not a willing trust. Many attorneys charge flat fees for estate planning. I tend to increase my fee as the complexity increases which often is tied to higher assets levels but also to additional concerns - creditor protection for beneficiaries? Protection from remarriage issues for a surviving spouse, etc.?

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  5. Evan H Farr

    Pro

    Contributor Level 13

    Answered . A Revocable Living Trust protects your assets from the nightmare of after-death probate, just like a Power of Attorney protects your assets from the possible nightmare of living probate.

    There are dozens of different types of irrevocable trusts, but the type most likley needed for your situation is the Living Trust Plus(TM), which protects your assets from probate PLUS lawsuits PLUS nursing home expenses, while still allowing you a high level of control over the trust assets. "Irrevocable" means only that you, as the creator of the trust, can not unilaterally revoke the trust. The Living Trust Plus(TM) can be changed in many ways and can even be terminated upon the agreement of all interested parties. The Living Trust Plus(TM) not offered by all attorneys, but you can see which attorneys offer it at www.livingtrustplus.com.

    I have inserted links below to more information about Revocable Living Trusts and more information about the Living Trust Plus(TM).
    Fees depend upon your needs and the level of complexity. Most attorneys offer a free initial consultation to get to know the attorney and for the attorney to get know you and your needs, desires, and circumstances. Many attorneys also offer free information seminars to help educate potential clients about the different types of trusts available.

    Evan H. Farr can be reached at 703-691-1888 or at http://www.farrlawfirm.com. Evan is Certified as an Elder Law... more

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