Over The past few years, Revocable Living Trusts (RLTs) have become extremely popular as an alternative to the traditional Will. When properly prepared, RLTs can avoid probate, save taxes, and provide you and your heirs with great peace of mind. Unfortunately, there are cautions which you need to be aware of so that you do not lose valuable dollars in excessive fees or the establishment of bogus Trusts, or fall victim to various other scams. To help safeguard your estate interests, the Florida Trail Association, Inc. is pleased to provide you with the following overview regarding the content and expected cost when establishing your Revocable Living Trust.

Costs for a Revocable Living Trust will vary depending on the size of your estate, the experience of your attorney, and possibly even the area in which you live. However, without taking into consideration your attorney’s level of experience or quality of the document, recent studies have concluded that the average cost for a single person with a modest estate ran about $500.00 to $1,200.00. For a married couple with a combined estate of less than $1.2 million, and no tax or other financial planning involved, the average cost was about $800.00 to $2,500.00. Revocable Living Trusts established for larger estates, or those in need of additional professional services, can expect these average costs to be higher.

Revocable Living Trust – When properly prepared and funded, prevents the court from controlling your assets should you become incapacitated, and avoids probate when you die. Your RLT can also include estate tax reducing provisions, such as naming a charitable beneficiary.

Pour Over Will – Sends a “forgotten” asset back into your Trust after you die – usually after probate – so it can be distributed as part of your overall plan.

Living Will – Lets your physician know the kind of life support treatment you would want in the case of terminal illness or injury.

Durable Power of Attorney for Health Care – Lets you give legal authority to another person to make any health care decisions for you – including the use of life support – if you are unable to make them for yourself.

Certificate of Trust (or Certified Copy of Trust) – A shortened version of your Trust that you can give to banks, brokers, and others who may request to see a copy of your Trust. It confirms that your Trust exists, names your Trustee and Successor Trustee(s) and their powers, but does not reveal any confidential information about your Trust assets or beneficiaries.

Assistance with Funding (changing titles and beneficiary designations to your Trust) – The amount of assistance you will be provided will vary. However, many attorneys will change the title of your home to your Trust at no additional charge; most attorneys will give you instructions for transferring other assets; and, some will do all the funding. You are encouraged to think twice before securing the services of an attorney who does not offer any of the above.

Proper estate planning can be a rewarding experience, and will provide you tremendous flexibility in developing your Revocable Living Trust. It can also save your estate considerable value, and pass effortlessly to those whom you wish to benefit. If you would like more information regarding how to develop your estate plan, including the different options that may be of the most benefit to you, or, how to include the Florida Trail Association, Inc. in the charitable portion of your estate plan, please give us a call. We would be honored to have the opportunity to assist you.

Dennis Miranda
Executive Director
Florida Trail Association, Inc.
5415 SW 13th Street
Gainesville, Florida 32608
1-877-HIKE-FLA
dmiranda@floridatrail.org