How much does it cost to set up a trust in NY? The average cost is about $6,000. It starts from $1,500 to set up a pooled trust joinder and can go up to over $10,000 to set up a complicated irrevocable trust with multiple property transfers and a defensive strategy. It costs much more through a big law firm.
An average price to set up a 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.
If you would like an estimate for setting up your trust, you give us a call at 212-233-1233 or can send us an email at [email protected].
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 to set up a trust would cost about $500 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 it costs to set up a trust in New York. As a reminder, here are some of the benefits:
If you would like an estimate of how much it would cost to set up a trust, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].