The Law Offices of  Barton Morris


Unveiling the True Cost of Trusts and Wills:

A Necessary Guide

Most people think the terms “trusts” and “wills” can be used mutually, however they represent distinct legal documents with unique implications. While both serve the purpose of distributing assets after one’s passing, understanding the true costs associated with trusts and wills is essential for informed decision-making. In this guide, we will unveil the complexities and expenses tied to these instruments, providing clarity on the financial aspects of securing your legacy.

Wills: The Traditional Route:

A will is a legal document that outlines the distribution of your assets after your death. Often considered the traditional and more straightforward option for estate planning. The process involves appointing an executor, outlining beneficiaries, and specifying how assets should be distributed. However, the apparent simplicity of wills can mask hidden costs and potential challenges.

Probate Costs:

One of the primary expenses associated with wills is probate. Probate is the court-supervised process of validating a will and distributing assets. While the cost varies by jurisdiction, it typically involves court fees, attorney fees, and executor fees. These expenses can quickly compound, potentially eroding a significant portion of the estate’s value.

Public Nature of Probate:

Unlike trusts, which are private, the probate process is a matter of public record. This means that the details of your will become accessible to anyone interested. For those who value privacy, the transparency of probate can be a drawback, especially when it comes to sensitive family matters and asset distribution.

Time Delays:

Probate can be a time-consuming process. It may take months or even years to finalize the distribution of assets, leaving beneficiaries in limbo. During this time, the estate may incur additional costs, such as property maintenance expenses and ongoing financial obligations.

Trusts: A Deeper Look:

A trust, on the other hand, is a legal entity that holds and manages assets on behalf of beneficiaries. Establishing a trust involves transferring ownership of assets to the trust. At this point, it is then managed by a trustee according to the terms specified. While trusts offer certain advantages, they also come with their own set of costs.

Upfront Costs of Establishing a Trust:

Creating a trust typically incurs higher upfront costs compared to drafting a will. Legal fees for creating a trust can be substantial, and the complexity of the trust document may contribute to these costs. However, many individuals find that the long-term benefits of a trust outweigh the initial investment.

Management Fees:

A trust requires ongoing management, and trustees, whether individuals or financial institutions, may charge fees for their services. These fees cover the administration of the trust, investment management, and distribution of assets according to the trust’s terms. While this ongoing cost is a consideration, it often ensures efficient and professional management of the trust.

Avoidance of Probate:

One of the primary advantages of trusts is the avoidance of probate. By bypassing the probate process, assets held in a trust can be distributed more swiftly and with fewer associated costs. This can be particularly advantageous for individuals with complex estates or those seeking to maintain privacy in their financial affairs.

Choosing the Right Option:

The decision between a will and a trust depends on various factors, including the size and complexity of the estate, privacy concerns, and the preferences of the individual creating the plan. Here are some considerations to guide your decision:

Estate Size and Complexity:

For smaller estates with straightforward distribution plans, a will may be sufficient. However, larger and more complex estates often benefit from the flexibility and efficiency offered by trusts.

Privacy Concerns:

If privacy is a top priority, a trust may be the preferred option. Trusts allow for the confidential transfer of assets, avoiding the public nature of probate.

Long-Term Goals:

Consider your long-term goals and the specific needs of your beneficiaries. Trusts can provide ongoing management and protection for assets, making them suitable for individuals with specific goals such as providing for minor children or supporting charitable causes.

Budget Constraints:

Assess your budget constraints and weigh the upfront costs of establishing a trust against the potential probate expenses associated with a will. While trusts may involve higher initial costs, they can offer long-term financial benefits.



In the realm of estate planning, understanding the true cost of trusts and wills is paramount. Both instruments come with their own set of advantages and drawbacks, and the decision should be based on individual circumstances and priorities.

By carefully weighing the financial implications, individuals can make informed choices that align with their goals, ensuring a secure and efficient transfer of assets to their loved ones. Whether opting for the simplicity of a will or the comprehensive planning of a trust, the key is to embark on the estate planning journey with eyes wide open to the true costs involved.

Get Our FREE Estate Planning Checklist HERE!