What Is The Average Cost To Prepare A Living Trust

What is the average cost to prepare a living trust? So we're going to break this down. You all need one if you're 18 and older, like I'm a super aggressive wealth builder and business builder and estate protector. So we do it Rockefeller style, which is you bring it all up to the living trust and irrevocable trust at the end. So specifically today, we're going to talk about the difference between a will and a living trust. Big difference. And it's shocking to me how many estate lawyers say a will is enough. You won't go through probate without a living trust in our state. It's a total lie. Not true. Again, the internet called the bathroom wall. Everybody writes everything about anybody. Is it true or not? The second thing we're going to talk about is why a living trust is critical, critical component of generational wealth in your legacy building. The last thing I want to talk about are the common misperceptions of estate planning and how do you avoid those pitfalls so you don't blow it all at the end and do all this amazing work to set it up. So to have this conversation today, I brought my partner, my expert in trust to the conversation. We'll be having this conversation. So get a pen and paper. There's a lot we have to talk about and a lot we need to break down so you get it right. So welcome, Scott. So Scott, welcome to our interview about the average cost of preparing a living trust. Well, thank you for having me. So a few topics I want to talk about, which is what's the real difference between a will and a living trust? Because so many estate lawyers just say a will's enough. We're not Yeah, absolutely. So a will is a quasi estate planning vehicle. It basically states this is what I want to have happen with my things upon my passing, but it doesn't outline certain components. The will will go through the probate process because it doesn't have these certain components that a comprehensive estate plan or a living trust have. And going through the probate process can take anywhere between two to four years to settle the estate. It opens up your estate to the general public. So whomever feels they're entitled to a stake can try and petition the courts to make their claim, right? Plus it reduces the value of the estate from anywhere between 45 to upward of 55% because you're paying out the state and the probate attorneys. So the difference is, is in a comprehensive estate plan, there is your durable power of for assets, your nomination of conservators. So again, if you're becoming capacitated, who's going to speak for you, right? Who's going to speak for you? Is it going to be someone that you want to be speaking for you to make those medical decisions of enacting a DNR order or keeping you on life support? So these are all critical components, your living will, your last will and testament, and the trust agreement that allows the estate to bypass the probate process. That's the critical component. Well, Ann, talk about a living trust and why it's such a huge piece of generational wealth. So if you see we're stacking Will's part of the living trust, the living trust is a huge part of generational wealth and then loaded up with the right kind of life insurance, which we have playlists on there for those of you that want to learn more about that topic. But talk a little bit about how the living trust is essential to the generational wealth goal. Well, absolutely. So we talk about entity structures and living corporate life and all of that. So having those entity structures is essential because they have perpetual existence. So if we want the estate to continue living on, we want to have all of those perpetual existence entities tied up into the revocable trust. It's how the Rockefellers built their structures, how their estate is one of the longest standing estates in the United States or in the world, as a matter of fact. And talk about other components of generational wealth, because I think a lot of people just say, well, I want a legacy on generational wealth. I mean, I know for me, when Scott and I, we both talk about it. You were a single dad for a long time with your son and you have a granddaughter. I have two kids, mostly as a single parent. So generational wealth for me was continuing to pass on like, why do all of this? Why build a brand called The Millionaire Maker? Why build generational wealth with Scott if we're not going to have it go on to our kids? So talk about just the critical steps or pieces of generational wealth, because I think people just say it like this kind of throwaway topic. And there's a lot of really critical, I'd say, mindful thinking to it. Yeah, absolutely. So an inheritance is what you leave someone, right? A legacy is what you leave in someone. And so generational wealth and having that legacy is a huge component because if your beneficiaries who are receiving this gift basket don't know how to deal with the assets or deal with the estate or invest the assets further, the estate's going to be squandered. We've seen this happen in many different families, right? I mean, the Vanderbilts happen to be one of those families. Largest transfer of wealth upon his passing, more money than it was in the U.S. Treasury. And there's not one millionaire left in the Vanderbilt family. So again, the legacy is the component. Understanding how to operate these entities is absolutely critical. Teach your kids about it. We were always taught, oh, we don't talk about money in the family, right? No, talk about it. Talk about it. Be very open about your wishes, how you expect things to happen if something happens to you. Absolutely. And to that point, this is a family-friendly channel. I don't care if the I know kids listen. So anyone five years old and up or even younger, have them just be in this narrative because this narrative needs to get into your household and have that conversation. So if you have not subscribed to the channel, subscribe, click the notification button so it pops into all of your devices. And there is a journal, actually, that we made and designed just for YouTube, which is what's the day, what is the video, what's the topic, what did you learn and what are you going to do? What a great narrative for everyone in the family to have that journal because everyone's going to learn something different. So they share about it. They can be in that money conversation and really bring money into your household. So you have that generational wealth goal. Now, before I leave you, Scott, talk about the common misconceptions about the planning and the big, big mistakes to avoid. I mean, again, in my mind, the biggest mistake is you land in probate court. Yeah, that's going to be the biggest mistake is landing in probate court. Now, a lot of people think, you know, I'm not wealthy enough. My state's not large enough. Again, it's about your health and your assets. What do you want to have happen? So, you know, a lot of people will go the cheap route. And the problem with the cheap route is you're going to go through the probate process. A typical living trust ranges anywhere between $4,500 to some attorneys charge upward of $8,000 or $9,000 even more. I've seen $20,000. I'm like, what, you kidding? That's like four times what was necessary. Absolutely. And so, you know, you've got to look at it from the standpoint of what does it cost to establish the trust versus what it's going to, what I'll call, tax the estate upon probate, right? If you're looking at a minimum of $4,500 investment to protect your estate, hundreds of thousands or millions of dollars, that's just a drop in the state passes 100% to your beneficiaries. Absolutely. And we have a report for you about all the essential steps and critical components. Scott's team is on a scheduling link at the end of that report. So you can talk to him and one of his team members one-on-one privately confidentially about what you have going on. And we look forward to supporting you, having you back. And again, grab our report in the description below, grab the journal in the description below. And if you want to see Scott and I talk about this generational corporate life, we talk about, grab the two tickets that are in the description for our Millionaire Intensive. We do it once a month and talk thoroughly about why you need all these pieces and how we integrate it and put it together here at Integrated Wealth Systems. So Scott, thank you for being on today. Thank you. Appreciate you and always appreciate being here. Absolutely. If you have any questions out there, go to asklaural.com, A-S-K-L-A-U-R-A-L, ask a question, make a request. We'll be back tomorrow.