How Much Does It Cost to Set Up a Trust in New York?<br/>

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In This Article

What Affects the Cost of Setting Up a Trust? Common Trust Types and Typical Cost Ranges Hidden Costs to Watch For Can You Create a Trust Without an Attorney? Do You Actually Need a Trust? Questions to Ask Before Hiring a Trust Attorney

Reviewed by Kent Gross, Esq. — 40+ years handling elder law, estate planning, and guardianship matters in New York.

Setting up a trust in New York generally costs between $1,500 and $5,000, though the price can go higher depending on the type of trust, the complexity of your assets, and the attorney you work with. A simple revocable living trust is on the lower end. An irrevocable trust designed for Medicaid planning or tax reduction will cost more.

The real question isn’t just the cost—it’s what you’re getting for the money, and whether a trust actually makes sense for your situation. Not everyone needs a trust. For some families, a well-drafted will does the job. For others, a trust can save tens of thousands of dollars in probate costs, protect assets from Medicaid spend-down, or keep family finances private.

Here’s what goes into the cost and how to make an informed decision.

What Affects the Cost of Setting Up a Trust?

Trust costs aren’t random. Several specific factors determine what your attorney will charge:

Type of Trust

A revocable living trust (which you can change or cancel during your lifetime) is the most straightforward to create. It typically costs $1,500–$3,000 as part of a broader estate plan. An irrevocable trust—one you cannot easily modify once it’s established—costs more because it involves permanent decisions about how your assets are structured. Irrevocable trusts designed for Medicaid asset protection, special needs planning, or generation-skipping tax purposes typically run $3,000–$5,000 or more.

Complexity of Your Assets

A trust for a single checking account and a co-op apartment is simpler than a trust that needs to hold multiple properties, business interests, investment accounts, and life insurance policies. Each asset type may need its own funding instructions and titling changes, which adds time and legal work.

Whether You Need Additional Documents

A trust rarely stands alone. Most attorneys create trusts as part of an estate planning package that also includes a pour-over will, power of attorney, healthcare proxy, and sometimes a living will. A package deal typically costs $2,500–$5,000 total, which is more cost-effective than creating each document separately.

Attorney Experience and Location

Attorneys in Manhattan generally charge more than attorneys in upstate New York for the same work. Hourly rates for estate planning attorneys in New York City typically range from $300–$600 per hour, while attorneys in the Capital District may charge $200–$400. However, most trust creation is done on a flat-fee basis, so the hourly rate matters less than the total quoted price.

Common Trust Types and Typical Cost Ranges

Here is what New York families typically pay for the most common trust types:

Revocable Living Trust: $1,500–$3,000. Avoids probate, maintains privacy, allows you to stay in control of your assets during your lifetime.
Irrevocable Trust: $3,000–$5,000+. Removes assets from your taxable estate. Cannot be easily changed. Used for asset protection, Medicaid planning, and tax reduction.
Medicaid Asset Protection Trust (MAPT): $3,500–$6,000. Specifically designed to protect assets from Medicaid spend-down requirements. Must be created at least 5 years before you apply for Medicaid due to the look-back period.
Special Needs Trust: $3,000–$5,000. Allows you to leave assets to a disabled family member without disqualifying them from Medicaid or SSI benefits.
Testamentary Trust (created through a will): $500–$1,500 on top of the cost of the will. Doesn’t take effect until after death and must go through probate.

Hidden Costs to Watch For

The attorney fee is only part of the equation. There are a few other costs that catch people off guard:

Trust funding: Creating the trust document is only the first step. You then need to retitle assets into the trust’s name—bank accounts, investment accounts, real estate deeds. Deed transfers in New York typically cost $500–$1,500 in recording fees and attorney time. If your attorney doesn’t handle the funding, a trust can sit empty and do nothing.
Annual trust tax returns: Irrevocable trusts that earn income must file their own tax return (IRS Form 1041) each year. Expect $500–$1,500 annually for trust tax preparation.
Future amendments: Revocable trusts can be amended, but each amendment typically costs $300–$800 in attorney fees. Life changes (divorce, new children, moving to another state) often require updates.

Not sure where to start? Talk to an attorney who handles these situations every day.

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Or call: (929) 777-6030

Can You Create a Trust Without an Attorney?

Technically, yes. Online legal services offer trust templates for $100–$500. However, there are real risks with this approach in New York:

New York has specific requirements for trust execution that generic templates may not meet
Templates don’t account for New York’s Medicaid rules, estate tax thresholds, or EPTL (Estates, Powers and Trusts Law) provisions
A poorly drafted trust may not achieve the asset protection or tax benefits you’re creating it for
Online services rarely handle trust funding, which means you end up with a document that isn’t connected to any of your actual assets

The cost of fixing a badly drafted trust—or dealing with the consequences when it doesn’t work as intended—is almost always more than the cost of doing it correctly the first time. Understanding what an elder law attorney charges can help you budget for the right level of help.

Do You Actually Need a Trust?

A trust is not always necessary. You may need one if:

You own real estate in New York and want your family to avoid probate (which is public, slow, and expensive)
You’re over 60 and want to protect assets from potential Medicaid spend-down requirements in the future
You have a family member with a disability who receives government benefits
You want to control how assets are distributed after your death (for example, staggering distributions to children at different ages)
You value privacy—wills become public record through probate, but trusts do not

If you don’t own real estate, have a relatively straightforward family situation, and your assets are under the New York estate tax exemption ($6.94 million in 2025), a well-drafted will may be all you need.

Questions to Ask Before Hiring a Trust Attorney

When you meet with an attorney about creating a trust, ask:

Is your fee flat-rate or hourly? What’s included?
Does the fee include funding the trust (retitling assets)?
What other documents do I need alongside the trust?
Do you handle New York deed transfers, or will I need a separate attorney for that?
What are the ongoing costs after the trust is created?

Find Out What a Trust Would Cost for Your Family

LGK Lawyers creates trusts, wills, powers of attorney, and complete estate plans for New York families. We’ll tell you whether a trust makes sense for your situation and give you a clear price before any work begins.

*The information in this blog post is provided for general informational purposes only and does not constitute legal advice. Reading this content or contacting LGK Lawyers through this website does not create an attorney-client relationship. This post discusses New York law, which may differ from the law in other jurisdictions. For advice specific to your situation, please schedule a consultation.*

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How Much Does It Cost to Set Up a Trust in New York?