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Setting up a revocable trust is one of the most popular estate planning tools, especially for avoiding probate and keeping assets within family lines. But what’s the actual cost of establishing and maintaining a revocable trust in Florida? In this guide, we’ll break down the elements that influence these costs and discuss how estate planning fees vary by law firm and complexity of the trust.
How Estate Planning Fees Are Structured
Estate planning attorneys typically use a flat fee model, but it’s essential to know that fees can vary based on the details of your estate. A flat fee model covers the core documents within an estate plan, including the trust itself, the will, and any additional advanced directives like durable powers of attorney, healthcare surrogate forms, and living wills. While some estate planning attorneys in Florida provide a full-service flat fee that encompasses all aspects of estate planning, others may have an hourly rate for services outside of creating the initial documents, such as:
Assisting with funding: This involves transferring assets into the trust.
Document changes: Any amendments or updates requested by the client.
Answering questions: Clarifying points or offering guidance on specific trust matters.
AtCause Law Office offers a comprehensive, flat fee for the entire estate planning process, so our clients know upfront what they’re paying and exactly what’s covered.
Initial Cost of Setting Up a Revocable Trust
The cost of setting up a revocable trust varies widely based on factors such as the type and number of trusts needed (single or joint trusts, for example), the nature of the assets involved, and any additional directives or planning steps that may be necessary. An estate planning attorney will work with you to determine whether a single or joint trust is best and if any additional documents are recommended. Here’s what a typical estate plan will include:
Trust Document: The foundation of your estate plan. This document details how your assets are to be managed and distributed.
Will: Often referred to as a "pour-over will," this works alongside the trust to handle any assets inadvertently left outside the trust.
Advanced Directives: Includes powers of attorney, healthcare surrogates, and living wills to protect your wishes in case of incapacitation.
The good news is that most revocable trusts require little to no maintenance over time. You remain in full control of your assets as the trustee, meaning you can make changes without consulting an outside party. However, you may choose to work with your estate planning attorney for guidance or updates as circumstances change.
Ongoing Costs of Maintaining a Revocable Trust
Generally, there’s very little ongoing cost associated with a revocable trust for most people. Florida estate planning attorneys often suggest reviewing your estate plan annually to ensure it remains aligned with your current situation, financial goals, and family structure. AtCause Law Office offers an annual review option to check in with clients and update plans as necessary.
When Might Additional Maintenance Be Required?
Additional maintenance may be needed for more complex estates—those that include business interests, extensive assets, or valuable real estate. This could involve:
Third-Party Trust Management: If a professional trustee or third party is required to manage the trust assets.
Specialized Trust Administration: Certain high-value estates may require ongoing trust management, which typically incurs higher costs.
If your estate is below the current taxable estate threshold (approximately $27.2 million for couples or $13.66 million for individuals), maintenance is typically straightforward, and annual review costs are generally modest.
Why It’s Important to Keep Your Estate Plan Updated
While it may be tempting to “set it and forget it,” your Florida estate plan should be a living document. Life changes like marriage, divorce, new children or grandchildren, and significant financial shifts warrant a review and possible update of your estate plan.
Failing to update your trust can lead to complications, as outdated instructions may not reflect your current wishes or circumstances. Many Florida estate planning attorneys recommend reviewing your plan at least once a year to ensure it remains relevant. Our team offers a comprehensive annual review service as part of our commitment to keeping your estate plan aligned with your life.
Why Trust Document Quality and Lawyer Expertise Matter
Not all estate plans are created equal. Estate planning documents can vary significantly from one law firm to another. AtCause Law Office estate plans are customized and presented in an organized, accessible binder to ensure your wishes are clear and easy to follow. We’ve seen other firms use documents so condensed they could fit in an envelope, which might lack crucial elements needed for an effective plan.
When choosing an estate planning lawyer, it’s essential to select a firm that provides quality documents and reliable service. Understanding a firm’s fee structure, experience, and what their estate plans include upfront will help you make the best decision for your future.
Make Estate Planning Simple with AtCause Law Office
Setting up a Florida estate plan doesn’t have to be overwhelming or costly. AtCause Law Office and our team are committed to providing transparent pricing, customized plans, and the highest level of service. Our approach ensures clients know exactly what they’re paying for and what to expect.
Are you ready to get started with estate planning or want to learn more about revocable trusts?
Contact atCause Law Office at 727-477-2255 to schedule a consultation with a knowledgeable Florida estate planning attorney who can answer all your questions and provide the guidance you need. Let us help you protect your legacy today!
The content provided on this blog is for informational purposes only. It is not intended to be, nor should it be construed as legal advice. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the blog or the information, products, services, or related graphics contained on the blog for any purpose. Therefore, any reliance on such information is strictly at your own risk.
We strongly recommend you consult an attorney for specific legal advice tailored to your circumstances.
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