The answer to both depends upon the type of trust you need to suit your goals. There are as many different types of trusts for different purposes as there are different makes and models of automobiles. I recommend you consult with a Trusts and Estates Attorney to find out what type of trust suits you. The price can vary depending upon the type of trust, the time it takes to prepare and the experience of the attorney drafting the trust. You will find a wide range of prices charged by attorneys. When you choose an attorney to prepare a trust, you are paying for the attorney's knowledge of what terms are required to suit your needs. Choose wisely. You get what you pay for.
The above answer does not create an attorney/client relationship. No legal answer can be relied upon without meeting with a licensed attorney and the attorney obtaining the complete facts and examining the applicable documents.
It's simply a matter of having an attorney draft the trust document and then having you deed the property over to the trust. Costs can range significantly, in most cases between $1,000 and $3,000 depending on the the goal of the trust, the other work and advice being provided, whether any custom drafting is needed, as well as the experience and legal market of the attorney you use.
As a general word of caution, I would also advice that Connecticut residents ordinarily do not benefit from putting their Connecticut homes into trust unless their are reasons beyond "avoiding probate." In other circumstances (property outside of your state of residence, estate tax planning, medicaid planning, gifts with strings attached, etc.), trusts can be a beneficial tool, though you should be prepared for your attorney to recommend other options.
Attorney Rosenberg is admitted to practice in Connecticut and Massachusetts, and currently practices in South-Central Connecticut with an emphasis on estate planning, elder law, probate, and tax matters. He may be contacted confidentially by email at [email protected] or by phone at (203) 871-3830. All correspondence through this website appears publicly, is not confidential, and does not create an attorney-client relationship between you and Atty. Rosenberg. Discretion should always be employed when posting personal information online. ~~~~~~~~~~~~~ All online content provided by Atty. Rosenberg on this and other websites is provided for general informational purposes only, and does not constitute legal advice. All content is general in nature. Attorneys are unable to ask the questions necessary to fully understand the legal issues faced by any particular poster. Postings and responses to questions only provide general insights on the topic discussed. They are not tailored to any readerâ€™s specific situation, will not be accurate in all states, and are never updated or maintained to reflect changes in the law. No person should take action based on the information provided by anyone on Avvo.com or any other law-themed website without first consulting a local attorney with significant experience in your area of concern. Persuant to Circular 230, no online content may be used by any person to avoid taxes or penalties under the Internal Revenue Code.
Transfer of the property to the trust after it has been created is probably the biggest issue. The cost of creating the trust is dependent on the involvement of the attorney in doing the footwork and what the attorney actually charges.
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