It is important to note that recognizing the importance of keeping a trust up to date by regularly modifying it as needed will go a long way towards ensuring that your estate plan accomplishes the goals that you would like it to. Still, you may be concerned about what it will cost you. While different law firms have their own unique set of fees for a trust modification, there are certain factors that may impact the overall cost to modify a trust.
Six Factors That May Impact the Cost to Modify a Trust
Are you wondering what types of factors can influence the amount of money it will cost to modify your trust? Following is a general overview:
- The number of changes needed.
- The depth of the changes that are needed. For example, if the purpose of the update is to reflect a change in basic information, the amendment will not take as much time to prepare as a more detailed and technical change to a trust.
- Whether your estate plan involves a simple trust or one that is more complex.
- Whether your trust is a joint trust between spouses or consists of two separate trusts, owned by yourself and your spouse. If you have more than one trust, more changes are needed.
- The date of your original estate planning documents. If the modification is being made to an estate plan that is very old, additional trust updates will probably be required.
- Whether your current attorney is the same attorney who prepared the initial trust instrument. If not, your current attorney will need to review the document thoroughly to become familiar with its terms.
To learn more about the trust modification process and gain an understanding of what it may cost, we encourage you to contact us today. Send us an email, join us in a live chat, or contact us using our toll free number.