Setting up a trust in Virginia can be a smart move for protecting your assets, avoiding probate, and making sure your beneficiaries receive their inheritance smoothly.
But how much does it actually cost? It can cost anywhere between $500 and $10,000.
The exact price depends on the type of trust you need, how complicated your assets are, and who’s handling the paperwork.
In this guide, we’ll break down the costs of setting up a trust in Virginia, what influences the price
How Much Does It Cost To Set Up A Trust?
Setting up a trust can cost anywhere from $500 to $10,000 in Virginia.
If you’re just looking to set up a simple trust to avoid probate or manage your assets, you’ll likely be on the lower end of that spectrum.
Here’s a general idea of what you can expect to pay for different types of trusts:
- Revocable Living Trust: $1,500 – $4,000
- Irrevocable Trust: $3,000 – $7,000+
- Special Needs Trust: $2,000 – $5,000
- Charitable Trusts: $3,000 – $10,000+
- Testamentary Trusts: $500-$2,000 (Initial cost included in will preparation)
Also Check Out Our: Richmond Trust Services
Our Trust Set Up Fees In Virginia
Our advanced estate planning package – which includes a Trust, Will, Medical Directives, and Power of Attorney – runs from a few thousand dollars to several thousand.
The exact amount depends on the complexity of your situation.
Every family has different goals when it comes to protecting assets and planning for the future, so we tailor each package based on your specific needs.
We’ll walk you through everything step by step and give you clear pricing before any work begins.
Factors That Affect The Cost Of Setting Up A Trust
There are a few things that will affect how much setting up a trust will cost you in Virginia:
#1 Type Of Trust
The first thing that affects the cost of setting up a trust is the type of trust you decide on.
Trusts can be simple or more complex. A basic revocable living trust, for example, is usually on the less expensive side. But if you’re dealing with a special needs trust, an irrevocable trust, or a charitable trust, things get a little more complicated.
The more specialized your trust, the more it’s likely to cost.
Some trusts require more legal work, more paperwork, and more specific terms, which means more time spent setting it up.
#2 Complexity Of Your Estate
The more stuff you own, the more it costs to organize it all. Simple math!
If you have a house, a retirement account, and some savings, your trust will be less expensive than if you own multiple properties, a business, investments, and collectibles.
Complex family situations also drive up costs. Blended families, children with special needs, or specific inheritance conditions all require more detailed planning.
Each special provision adds to the attorney’s time and your bill.
Geographic considerations matter too. If you own property in multiple states or countries, you’ll need additional provisions in your trust.
Also Read: How Much Does Estate Planning Cost In Virginia?
#3 Attorney Fees
One of the biggest costs of setting up a trust is the fees you’ll pay to an attorney.
Different attorneys have different rates for trusts so the attorneys you go to will affect your price.
Some attorneys in Virginia charge by the hour too. They can range from $250 to $450 per hour for estate planning work. A simple trust might take 4-8 hours of their time, while complex ones can take much longer.
There are some DIY options as well that can save you a lot of money, but there’s always a risk of something being missed or set up incorrectly.
#4 Trust Funding Costs
Creating the trust document is just step one. You also need to fund it – transferring assets into the trust’s name. This process comes with its own costs that people often forget to budget for.
Real estate transfers in Virginia require filing fees and possibly transfer taxes. Each county sets its own fees, but expect to pay recording fees of $25-$50 per deed.
Some attorneys include a limited number of deed transfers in their packages, but others will charge for them separately.
And don’t forget potential appraisal costs for valuable assets. Sometimes you need professional valuations when transferring certain property into a trust.
This could add hundreds or even thousands to your total costs.
Also Read: The Benefits of an Irrevocable Life Insurance Trust
#5 Trustee And Management Fees
Will you serve as your own trustee or hire someone else?
If you’re using a professional trustee like a bank or trust company, expect to pay annual management fees. These usually range from 0.5% and 1% of the trust’s total assets annually.
The more complex the trust, the higher the fees are likely to be.
Individual trustees (like family members) might serve for free or for a smaller fee.
But professional trustees bring expertise and objectivity that can be worth the cost – especially for larger estates or complicated family dynamics.
Some trusts require special services like investment management or tax preparation. These additional services come with their own fees that add to the ongoing cost of maintaining your trust.
#6 Tax And Accounting Considerations
Another thing to think about is taxes.
Certain trusts require separate tax identification numbers and annual tax filings. This means paying for tax preparation services, which can run $500+ annually depending on complexity.
Plus most estate tax planning trusts (like irrevocable life insurance trusts or qualified personal residence trusts) need specialized tax advice.
This expertise doesn’t come cheap – expect attorney fees and ongoing tax consultation costs.
Now the good news is that Virginia doesn’t have a state estate tax, which simplifies things compared to some other states. But federal estate tax considerations still apply for larger estates.
Bottom Line
Setting up a trust in Virginia can cost anywhere from $500 to $10,000 depending on your choices and needs.
For most people, working with an attorney on a revocable living trust will run $1,500-$3,000 – an investment that often pays for itself by avoiding probate and creating peace of mind.
Disclaimer: This material is intended for general information purposes only and does not constitute legal advice. Responses to inquiries, whether by email, telephone, or other means, do not constitute legal advice, nor do they create or imply the existence of an attorney-client relationship.