Salmon Creek Law Offices

Will vs. Trust Vancouver WA Lawyer

Salmon Creek Law Offices (360) 576-5322  Attorney Trent Kunz

I am often asked by my estate planning clients whether a will or a trust is more appropriate for their estate plan.  My answer… it depends on several factors.  After discussing the salient factors, I leave it up to my clients to make an educated decision that is right for their life situation.

Today I am going to discuss cost as a decision-making factor. Cost, especially these days, is very important.  There are two different costs– upfront costs and costs of administration following death.  Upfront cost for a will is less than a for a trust.  Upfront cost for a will ranges from $400.00 to $800.00 for a married couple.  Upfront cost for a trust ranges from $1,500.00 to $2,500.00 for a married couple.  Based solely upon upfront cost, a will seems to make the most sense.  However, upon the death of the suriving spouse, probate would be required with a will.  Probate takes 6-8 months and averages about $3,000.00.  Cost of trust administrastion upon the death of the suriving spouse could be as little as nothing and is often less than $400.00-$500.00.  Looking at total estate administrstion costs, a trust is more economical.

Call me today for a free consultation a whether a will or a trust is right for you.

Probate FAQ Vancouver WA

Salmon Creek Law Offices  360.576.5322

Q:  What is probate?

A:  Probate is a court-supervised process that admits the will to probate, appoints an executor and authorizes the transfer of titled assets.

Q:  Will my estate need to be probated?

A:  An estate only needs to be probated if it contains probate assets.  A probate asset is any asset with a title that does not have a named beneficiary or a co-owner with a right of survivorship.  A classic example of a probate asset is real estate owned by one person.  An example of a non-probate asset is a bank account or life nsurance with a named beneficiary.

Q:  How long does probate take?

A:  Probate generally takes between six and eight months to complete.  Four of those months is taken up waiting for the four month statute of limitations for creditors.

Q:  How much does probate cost?

A:  The cost of probate varies greatly depending on the  number of creditors, heirs, property etc.  Do not be surprised if a “simple” estate costs more than $3,000.00 to probate.

I would be pleased to answer any specific questions in a free consultation.

Trent Kunz, Attorney at Law, Salmon Creek Law Offices, 360.576.5322