Jerry Taylor breaks down what it costs to keep a trust running. Revocable trusts are cheap after setup since you manage it yourself, just bank fees and maybe attorney costs to transfer property. Irrevocable trusts work differently and cost more.
Once a trust is created, what is the cost of maintaining it? That depends on what type of trust it is, revocable or irrevocable. If it is a revocable trust, the cost is really very little, if anything, once you've created the documents. A revocable trust is really just a mirror image of you. During your lifetime, you are the trustee. You have total control over all your assets. Doesn't affect your taxes for good or bad. The only cost I could think of would be if you opened up a trust account during your lifetime, then whatever the bank's fees were for doing that, you'd have to pay those. And also, if you've got real property that needs to go into the trust, you'll have to file new deeds to do that. And the lawyer that set up your documents will most likely also prepare the deed to put your home in your trust, at least. If you've got other property, then deeds will have to be prepared for those as well. There may be fees associated with creating those deeds. And there may be
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