|
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.
RESOURCE
BOX
Free Wills
to Print provides detailed information on
Free Wills, How to Write a Will, Last Will And
Testament, Living Wills and more.
|
