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
Administration nominal nominal $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 Preparation 0 1 hours (appointment + execution) 2 hours (appointment + execution)
Administration for Heirs At least 6 months At least 6 months Immediate 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 months At least 6 months One week or less
Total Time 180 days minimum 180 dats minimum 7 days
       
Time Saved     173 days saved