SimplyTrust Knowledge Base

A: When you hire an attorney to draft a will, you’re paying for a consultation to discuss your goals. You’re also paying for legal guidance to align your wishes with state laws and a tailored will that clearly outlines asset distribution, guardianship, and executors. Sometimes, other essential documents like a durable power of attorney or advance healthcare directive are necessary. This bundled approach determines attorney fees for establishing wills.On average, the cost of having an attorney prepare a simple will ranges between $300 and $1,200. Basic individual will: $300 to $600. Will with additional documents (e.g., power of attorney): $800 to $1,500. Complex wills (blended families, multiple properties, charitable bequests, etc.): $2,000 or more.These prices can vary even more depending on where you live. Attorney fees for establishing wills often reflect the local cost of living and demand for legal services. In New York, New York, a straightforward will may start at $800 to $1,200. More complex plans can easily reach $2,500 or more. In Boise, Idaho, a simple will typically runs $300 to $600. Adding extra documents may bring the total closer to $900 or $1,100.

A: Trusts are designed to manage assets both during your lifetime and after. That means they can be active for decades. Throughout that time, legal and personal changes will likely require updates or ongoing legal guidance.Trusts need to stay current with changes in your life and the law. There are many common reasons people update their trusts. Life changes: marriage, divorce, new children or grandchildren. Asset changes: purchasing or selling property, inheriting wealth, opening new investment accounts. Legal changes: changes in tax laws or estate planning regulations. Beneficiary changes: updating or removing beneficiaries.These updates aren’t usually part of the initial fee. Trust attorneys typically charge for revisions and legal check-ins separately. Here’s what ongoing trust-related services might cost. Trust review sessions: flat fee ($300–$1,000 per session) or hourly rate ($200–$600 per hour). Most attorneys recommend reviewing your trust every 3–5 years, or sooner if there are major life changes. Simple document revisions may cost $300 to $700. More complex changes—such as adding beneficiaries or real estate—can range from $1,000 to $2,000+, especially in high-cost cities.Some attorneys offer annual maintenance plans or “subscription” models for $500 to $1,500 per year, which may include minor revisions, access to legal advice, and check-in sessions.

A: When you hire an attorney to set up a trust, you’re usually paying for their time. That means the drafting of a legal document (or documents) reflecting your goals. The documents may include related estate planning documents like a pour-over will, power of attorney, and healthcare directive.The cost of attorney fees for establishing trusts varies based on location, the complexity of your estate, and how much customization you need. But here are some rough figures:National averages show that setting up a basic revocable living trust with an attorney typically costs between $1,200 and $3,000. For a simple trust in a lower-cost region, fees might be as low as $900 to $1,200. For a highly customized trust in a metro area, fees can range from $4,000 to $7,000 or more.

A: Nevada is a “trust-friendly” state. One major reason is its tax structure. Nevada has no state income tax, and it also imposes no state estate or inheritance tax. For some families, that means a Nevada-sited trust can:1) Avoid state income tax on trust income administered in Nevada.2) Operate without any separate state estate or inheritance tax layer.3) Pair federal tax planning with a relatively simple state tax environment.By contrast, Nebraska taxes individual income and retains its county-level inheritance tax system. So when you compare revocable trusts in Nebraska versus Nevada, the underlying state-tax environment can be just as important as the trust document itself.

A: Nebraska inheritance tax is a tax on beneficiaries, not by the estate itself. The rate and exemption depend on how closely the beneficiary was related to the person who passed. As of 2023, most beneficiaries fall into three main classes: Class 1 – Immediate family and siblingsParents, grandparents, children (including adopted children), grandchildren, and siblings. Each person receives a $100,000 exemption. Anything above that faces a tax of 1%.Class 2 – Certain relativesAunts, uncles, nieces, nephews, their descendants, and their spouses. Each person gets a $40,000 exemption, and amounts above that face a tax of 11%.Class 3 – Everyone elseFriends, neighbors, employees, and other non-relatives. Each beneficiary receives a $25,000 exemption, and amounts above that face a tax of 15%.Nebraska inheritance tax generally applies to all property owned by a Nebraska resident at passing and to Nebraska real estate or tangible personal property owned by nonresidents. Tax is usually due within one year of the date of passing. If someone doesn't pay on time, Nebraska law can add interest and penalties on the unpaid amount.

A: An estate tax is a tax on the estate itself before assets go to heirs. The state once had a state estate tax, but it applied only to people who passed away before January 1, 2007. After that date, the statute that created the tax simply stopped applying, so the state no longer collects it. Today, when people talk about estate tax in Nebraska, they’re usually referring to two different things that can still show up: federal estate tax and the state inheritance tax.

A: Minnesota allows revocable trusts and recognizes them as valid estate planning tools. These trusts can help residents avoid the state’s formal probate process, which is time-consuming and sometimes costly. However, Minnesota doesn’t offer enhanced privacy or asset protection for revocable trusts. Minnesota also has a state estate tax, which can apply to estates valued at over $3 million. (Although no inheritance tax.)Nevada is one of the most favorable states for trust law. Nevada’s laws make it easier to convert revocable trusts into irrevocable ones when needed. In addition, Nevada offers no state income tax and no estate tax, which can be a major advantage for high-net-worth individuals looking to preserve wealth across generations. Trusts created under Nevada law may also benefit from stronger privacy protections and flexible trust terms—especially when combined with Nevada’s dynasty trust or directed trust statutes.

A: Probate is the court-supervised process of authenticating a will and transferring assets to beneficiaries. Avoiding probate through a trust keeps affairs private and expedites asset distribution.

A: Digital execution allows electronic signatures and online notarization, streamlining management and reducing physical document requirements, particularly beneficial in Nevada.