You took the right steps to protect those you love and everything you have worked hard for by setting up a trust with your estate plan. Now your loved ones have nothing to worry about when you are gone, right? Well, not exactly.
Although your loved ones may know exactly how you want things handled, there unfortunately might still be a cost to administering the trust. So where do the fees come from? Trust administration fees range between law firms, it could be a percentage of the assets, hourly fees or flat fees. There may be additional professional fees for preparing tax returns or fees for managing trust investments. It is important that your trustee understands that there might be costs associated with maintaining and managing your trust.
At Legacy Law Firm, P.C., we make sure your loved ones don’t pay too much for trust administration. We believe that good estate planning shouldn’t cost your loved ones an arm and a leg during administration, especially if they have taken steps to prepare a well-executed estate plan. Keeping costs and complications down is important, especially when the family is coping with the loss of a loved one.
Call our office for a free consultation to see how we can help at 605-275-5665.