SimplyTrust Knowledge Base

A: A revocable trust enables you to manage your assets during your lifetime and distribute them after you pass. All while avoiding probate. You can change or revoke the trust at any time as long as you're mentally competent.

A: The New Jersey inheritance tax is a tax on certain beneficiaries who inherit money or property from someone who lived in or owned property in New Jersey. Unlike an estate tax, which is based on the total value of the estate, an inheritance tax is based on the relationship between the deceased person and their beneficiaries.

A: New Jersey once had one of the most burdensome estate tax systems in the country. The state imposed estate taxes on estates worth just $675,000 or more—one of the lowest exemption thresholds in the U.S. But in 2016, lawmakers passed a tax reform package that phased out the estate tax. It was completely repealed starting January 1, 2018.

A: Wills aren’t set-it-and-forget-it. A will reflects your life at the moment it’s written. But life rarely stays the same. Marriage, divorce, children, grandchildren, property sales, new investments—these all create good reasons to revisit your will. Most attorneys recommend reviewing your will every 3 to 5 years, or sooner if you’ve had a major life change. Updating your will helps prevent confusion, family conflict, and unintended outcomes down the road. Here are just a few reasons why regular maintenance is important and how attorney fees evolve over time.Legal changes: Tax laws, inheritance rules, and probate procedures evolve. Your will should keep pace.Life changes: New marriages, divorces, or family members can drastically shift how you want your assets handled.Asset changes: Selling or acquiring real estate or businesses can require a reallocation of your estate.Executor availability: Executors may move, age, or become unable to serve.Updating a will is typically less expensive than drafting a new one, but it still requires legal time and expertise. Costs can vary depending on the extent of the updates. National averages for updates:Minor changes (codicils): $150–$600. Moderate updates (changing executors, guardians, or beneficiaries): $300–$900. Major revisions (rewriting large sections, new asset lists): $500–$1,500 or more.

A: Estate disputes can be a source of significant stress and heartache for families. Have you ever wondered how to prevent these disputes before they start? Understanding common pitfalls in estate planning might just save your family from unnecessary turmoil down the line.

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.