Blind Trust Attorney Fees

Under a blind trust you designate a trustee and beneficiaries.

Blind trust attorney fees.

First setting up the trust usually means paying the blind trust attorney s fees which could be substantial since this type of trust tends to be more complex than other trust options. Living trusts and estate plans. The court agreed and awarded 13 364 to the beneficiary for damages and awarded the beneficiary 49 444 in attorney fees. Establishing a blind trust basically involves drawing up a document that the grantor signs to give full power of attorney over the trust assets to an independent third party trustee in contrast.

You can name yourself as a beneficiary but you transfer your lottery ticket to the trustee. A trust is a legal agreement where an individual known as the trustor or settlor transfers ownership of certain assets to an account managed by a trustee also known as a fiduciary the trustee then operates the trust on behalf of the designated beneficiaries. It is a good idea to hire a. Attorneys fees can be paid out of the estate whether the litigation was filed before or after the court admits the will to probate.

Estates and trust attorneys typically charge clients in one of three ways. Additionally the court may award attorneys fees even if. On appeal the defendant trustee argued that the attorney fee award was excessive given the relatively small damage award. The trustee often a lawyer or financial advisor has complete discretion over how the winnings are managed.

An attorney may represent a claimant against the estate or trust on a contingent fee basis without court approval. Second the creator cannot serve as the trustee of a blind trust. Legal fees vary by location so your costs could be much higher or slightly lower. A blind trust for lottery winners differs from a typical living trust in two significant ways.

The main challenges of blind trusts are the cost as well as the lack of transparency and control. California probate code section 16420 permits a court to reduce or deny trustee compensation where a trustee has threatened to or actually committed a breach of trust. First a blind trust is irrevocable the creator cannot change its terms or revoke it. California probate code 10811 c.

In comparison attorney s fees for drafting a will are much lower generally 200 to 400 for an individual and 300 to 500 for a couple. Lottery winners seeking anonymity sometimes opt to establish a blind trust. Hourly fee flat fee or contingency fee. In addition to the attorney s regular fees you should expect to be billed for miscellaneous disbursements.

The average cost for an attorney to create your trust ranges from 1 000 to 1 500 for an individual and 1 200 to 1 500 for a couple.