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In Tennessee, the cost of setting up a basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts may cost even more.

A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.

If the Trust is created by an attorney, the cost ranges from $2,000 to as high as $8,000 for a couple and $1,500 to $5,000 for an individual. If you create it yourself online, it will cost anywhere from $100 to $500. Costs vary from state to state.

To make a living trust in Tennessee, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

Tennessee has not adopted the Uniform Probate Code. So if your property is worth more than $50,000, a living trust will enable your heirs to avoid the state's lengthy probate period ? and legal costs. Living trusts do cost money, though, so you should weigh the benefits with the outlay of $1,000 or more.

To create a living trust in Tennessee, prepare a written trust agreement and sign it in the presence of a notary. The trust is not effective until you transfer ownership of your assets into it. Living trusts can provide flexibility and benefits that are not available with other estate planning options.