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.
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 required. 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 or complex trust.
- Whether your trust is joint between spouses or consists of two separate trusts. If you have more than one trust, more changes will be 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 may be required.
- Whether your current attorney is the same attorney who prepared the initial trust. If not, your current attorney will need to thoroughly review the document to become familiar with its terms.
To learn more about the trust modification process and understand the potential cost, we encourage you to contact us. You can send us an email, join us in a live chat, or contact us using our toll-free number.