Health
Avoid Fees on Living Trusts
Nolo Press won't win any awards from lawyers -- but their software can help you save a bundle when it comes to drawing up a living trust.
Nolo's Living Trusts: How Much Should They Cost Web site says that while lawyers normally charge up to $1,500 to set up such a trust, the entire process shouldn't cost more than $300 to $400 in reality. And for under $100, Nolo will sell you a book and software to accomplish the same.
Nolo says trusts are really fairly simple. You create a trust and name yourself as trustee, then transfer ownership of your property into the name of the trust. When you die, a family member or other trusted person becomes the successor trustee, and transfers the property to your beneficiaries. A warning: a living trust does not eliminate the need for a will.
Nolo says each individual trust will be unique, so a lawyer may have to be consulted. But the software and book provides background and how to deal with the size of any other fees, a spokesman says.
Nolo's Living Trusts: How Much Should They Cost Web site says that while lawyers normally charge up to $1,500 to set up such a trust, the entire process shouldn't cost more than $300 to $400 in reality. And for under $100, Nolo will sell you a book and software to accomplish the same.
Nolo says trusts are really fairly simple. You create a trust and name yourself as trustee, then transfer ownership of your property into the name of the trust. When you die, a family member or other trusted person becomes the successor trustee, and transfers the property to your beneficiaries. A warning: a living trust does not eliminate the need for a will.
Nolo says each individual trust will be unique, so a lawyer may have to be consulted. But the software and book provides background and how to deal with the size of any other fees, a spokesman says.
