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How Much Does A Florida Living Trust Cost – And What You Should Get For Your Fees

By Phillip B. Rarick, Esq., Miami Trust Attorney

Define Your Objectives – and Ask The Right Questions

Many persons seeking to retain an attorney for preparing a living trust often ask the wrong question, which is simply this: What is the cost for a living trust?   This is usually mistake number one.   Of course you want to minimize costs.  But paying even $10 for a legal instrument that does not accomplish your objectives is worthless.   The place to start is to identify your objectives, and then find the legal plan that will accomplish these objectives at the least cost.

Key Objectives

For those persons who need a living trust, the objective is often in several parts like this: 

1.      I want every dime to go to my loved ones –  when I want.

2.       If there are adult children, I want every dime to go to them – not their spouses.

3.       If there are minor children, I want my children to continue to enjoy the lifestyle that they are accustomed to – and I want them to get a good college or university education.

4.       I want to avoid court intervention in the event of incapacity:  This is called Guardianship, which often starts at $5,000.

5.       I want to avoid probate.   Probate in Florida is expensive, bureaucratic, and can take  9 months to 2 years.   See How Much Does Florida Probate Cost

6.       I want to accomplish all of the above at the least possible cost.

It is exceptionally important to first identify your objectives and get the question right.  If not, you may be able to find an attorney at the “lowest cost”,  but in the long run, it may be the “highest cost” for you and your family

If you fail to identify your true objectives, you may only solve part of your needs.  For example, a living trust, by itself, is a poor plan.  You likely need a basic estate plan that may start with a Living Trust, but also includes a Florida Health Care Surrogate, Living Will, Durable Power of Attorney, and Pour-Over Will.  A good estate plan usually includes all five legal instruments.

Note:   These instruments must be Florida specific and up to date with current Florida law.  “Do It Yourself” programs you may see on TV rarely meet these tests – and usually result in more costs and problems in the long run for your family.

Ask for a Scope of Legal Services

The second mistake a person seeking legal service may make is failing to ask for a scope of legal services – in writing.  Do not simply ask for the costs.  Ask, what services does your legal fee include?   Most attorneys who specialize in estate planning can give you a flat fee for your estate plan.  But you also want a scope of legal services.   A scope of work that we present to a married person may include the following:

  • Revocable Living Trust: Joint trust for both spouses
  • Pour-over Will for each spouse
  • Durable Power of Attorney for each spouse
  • Living Will (Declaration to Physician) for each spouse
  • Health Care Surrogate for each spouse
  • Tangible Personal Property Memorandum for each spouse
  • Affidavit of Trust for each spouse   
  • Instruction letter on funding
  • One-half hour of consultation regarding funding the trust. (“Funding” is the transfer of assets into the trust.)
  • Estate Planning Portfolio Binder
  • Report From Counsel:  Our periodic newsletter via email of practical legal tips to keep you informed of important legal developments that may impact your family.

The above scope of legal services for a married couple (first marriage) with two minor children, requiring no tax planning,  will cost $1,500 – $2,250.

Ask The Attorney To Waive the Initial Consultation Free

Our firm charges an initial consultation fee of $275 for estate planning.  However, we will waive this fee if you are referred via our web site and come prepared with a completed intake form, or you are referred by a past client or professional adviser, such as your CPA or investment advisor.   Many other estate planning attorneys have a similar policy.

At the initial consultation, the attorney will help you identify your legal objectives.  He or she will then give you the legal options for fulfilling those objectives.  Lastly, the attorney will give you a scope of work with the total legal fees and costs.

Take Away Points:

1.     Avoid Mistake Number 1:  Finding the least expensive attorney.   First, identify your objectives, and then find an attorney who can meet those objectives in the least expensive way.

2.     Avoid Mistake Number 2:  Don’t just ask for the costs; ask for a Scope of Legal Services.

3.     Request the attorney to waive the initial consultation fee.   Take advantage of this free consultation; meet with the attorney and learn about your legal options and the total costs.

For an initial consultation with a Miami Trust Attorney at  Rarick, Beskin & Garcia Vega, P.A. call (305) 556-5209 or email info@raricklaw.com.

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