Consider creating a trust
There’s a common misconception that trusts are only for the very wealthy. However, trusts can play an important role in many estate plans. They give you more control as to how assets are distributed and allow you to keep the details of your assets out of the public eye after you die. In addition, trusts also can:
- Reduce the taxes owed by your estate and heirs
- Protect your assets from creditors and lawsuits
- Put conditions on how and when your assets are distributed
People may often use a trust in conjunction with a will, but trusts can be more expensive. Creating an estate plan that includes a trust can cost from approximately $1,000 to more than several thousand dollars, depending on the complexity of the situation and assets involved. The expense of building an estate plan is generally a one-time fee. However, there may be recurring costs associated with the administration of certain kinds of trusts or with the revision of your plan over time.