If you want to do it yourself, and if you’re very good about taking care of paperwork, there are books in your bookstore that will show you how—$20, give or take. Computer programs for setting up trusts are available for about $50. If you decide to do it yourself, I urge you to have a qualified attorney look it over to make sure you did it correctly.
Most people, however, decide—and I myself recommend— that having an attorney draw up a trust is safest. Depending on the size of the estate and how expensive the attorney is, you should be able to get a simple revocable living trust drawn up for between $300 and $1,000. If you decide you want your attorney to fund the trust—that is, to transfer your assets into it—it may cost you more. Once the trust is set up, making simple changes to it should cost about $100. Obviously these fees will vary depending on where you live and how complex your requirements are.
The language of trusts may seem daunting, but it isn’t. Here’s a rundown of the terms you need to know: