How do the costs of administrating a trust compare with probating a will?
The costs of administering a trust include attorneys and accountants fees, and occasionally appraisal of assets. Your estate planning attorney will work with your family to review the instructions given in your estate plan, identify your wishes, and advise and coordinate with the estate planning team on all legal issues including its administration. This involves: the collection and distribution of trust assets, the exercise of legal disclaimer rights, the preparation and filing of tax returns, the handling of any guardianship issues, the valuation of assets, the collection of life insurance proceeds, the handling of retirement benefits, the payment of debts and administrative expenses, and the transfer of assets to your beneficiaries or the trusts established for them. While every case is unique, attorneys fees for trust administration services typically average one and one half percent or less of estate assets. Fees are usually based on the estates complexity and whether or not your
