Cost of Probate vs. Cost of Living Trust

(Based on a typical estate valued at $4 million, including your house)
Think:
Why pay $3500 for a Living Trust when the cost of doing nothing is $0 and the cost of a simple Will is about $400?

Costs
Doing Nothing
Will
Living Trust
Preparation$0$400$3,500
Administrationnominalnominal$20,000
Probate Fees$15,000*$15,000*$7,500
Taxes$500,000$500,000$0
    
Total$515,000$515,400$31,500
    
Savings  $483,500 in Savings

* double this number if you have both an attorney and a personal representative in probate court.

Time Involved for You and Your Heirs
Doing Nothing
Will
Living Trust
Your Preparation01 hours (appointment + execution)2 hours (appointment + execution)
Administration for Heirs At least 6 monthsAt least 6 monthsImmediate access to the money/assets, paperwork completed in 6-9 months, as soon as tax return approved by IRS
Time in Probate Court At least 6 monthsAt least 6 monthsOne week or less
Total Time 180 days minimum180 dats minimum7 days
    
Time Saved  173 days saved