How much does a trust cost in New York? It starts from $1,500 for a pooled trust joinder, and can go up to over $10,000 for a complicated irrevocable trust with multiple property transfers and a defensive strategy. An average price for an irrevocable trust is $6,000. A special needs trust usually costs less than other types of trusts. How much a trust would cost depend on a number of factors.
The following factors would raise the cost of a trust:
Here are some examples. A complex irrevocable trust with Medicaid asset protection, a sizeable trust estate and multiple property transfers that form the funding of the trust would cost more than a special needs trust. But there are exemptions. A trust that needs court intervention would cost more, because an attorney would need to include their hourly rate as part of the cost of the trust. A trust that includes unanticipated work would cost extra as well. An average hourly rate for an attorney is about $400 per hour.
A trust where a relative is being left out will cost more, as additional protection and safety measures will increase the procedure involved, and the attorney may have to appear in court in the future to testify to the validity of the trust.
The numerous benefits of a trust more than justify how much a New York trust costs. As a reminder, here are some of the benefits:
If you would like an estimate of how much a trust would cost in your situation, you can give me a call at (212) 233-1233 or 212-233-1233.