âBut the stars that marked our starting fall away. We must go deeper into greater pain, for it is not permitted that we stay.â â Dante Alighieri, Inferno
On average, the complete process of setting up an irrevocable trust should run anywhere from as little as $1,000 to as much as $7,000 for a complex setup. According to Lodmell.com, the cost of setting up an irrevocable trust can run anywhere from $2,500 to $7,500. Dummies.com states that an irrevocable living trust typically costs $1,000 to $3,000 for each individual. A Forbes.com report provides an idea of how much an irrevocable trust will cost to get a lawyer for estate planning purposes.
An irrevocable trust can be a great estate planning tool -- as long as you're completely sure of your plans. Image source: Getty Images. An irrevocable trust can shield your assets from estate taxes and legal liability, and can help you leave assets to a beneficiary in a clearly defined manner. However, irrevocable trusts are permanent and the assets placed in them technically aren't yours anymore, so it's important to consider the pros and cons before setting one up.