Will trust costs: TRS registration and ongoing admin fees

23 min read

How much does a Will trust cost to set up and run?

(TRS registration, ongoing administration, and the real-world costs people forget)

Last verified: February 2026 (England & Wales)

This is general information only, not individual advice and not a quote. Trust rules, reporting and pricing can change. Costs vary depending on who the trustees are, what the trust owns, and what actually happens in real life.

Important boundary (so you can plan properly): Fern Wills & LPAs drafts Will trusts (also called testamentary trusts) and we do the associated property setup that makes many home-based Will trusts work in practice (for example, severance of joint tenancy and the relevant Land Registry restriction where needed). However, we do not register trusts with HMRC and we do not provide ongoing trust administration services.

For ethical and governance reasons, Fern Wills & LPAs does not take trustee appointments or create standalone lifetime trusts. However, Fern Wills & LPAs does create trusts that arise on death within Wills. Where a trust needs to be registered or operated, trustees can instruct an appropriate solicitor, accountant, or specialist trust administration provider. You remain free to choose your own adviser.

Nobody likes paying fees. The key question is whether a trust helps prevent a “wrong outcome” on a major asset. If a trust keeps a £300,000 to £600,000 home aligned to the people you choose, then professional costs in the hundreds or low thousands over time can be proportionate.

Quick answer

Most families want a simple planning band. Here it is.

TRS registration (HMRC): £0 to HMRC.
Professional TRS registration (if you outsource): commonly £200 to £925 + VAT for a straightforward trust, depending on provider and complexity.
Quiet-year admin (family trustees): often £0.
Professional help in a quiet year (optional “safety net”): commonly £150 to £500 + VAT as a one-off for a specific task.
Event years: a sensible budget is often £500 to £2,500 + VAT, mainly driven by property transactions, tax returns, or more involved trustee decisions.
Professional trustee or full administration service: often low thousands per year, and sometimes more if fees are value-based or the trust is actively managed.

A Will trust is part of your Will. It usually costs nothing to “set up” while you are alive, because it only comes into effect after death.

Three common scenarios (example budgeting bands)

This section mirrors the three scenarios most clients want to sanity-check.

Scenario 1: Registration only (TRS)

DIY: £0 to HMRC (time only)
Professional help: typically £200 to £925 + VAT

Scenario 2: Quiet year (no sale, no distributions, no tax triggers)

Often £0 if family trustees keep basic records and update TRS only if needed
If you want occasional professional reassurance: typically £150 to £500 + VAT as a one-off
If a TRS update is needed and outsourced: typically £100 to £300 + VAT per update

Scenario 3: “Event year” (sale, downsizing, care move, complex trustee decision)

Trust-specific admin and advice: typically £500 to £2,500 + VAT
Plus any separate costs triggered by the event (for example conveyancing, valuations, and, if needed, a trust tax return)

Trust costs are often event-driven, not annual subscriptions.

What we do, and what we do not do

We do:

listen carefully to what you are trying to achieve
advise which Will trust structure fits the problem you are solving
draft the trust into your Will
handle the associated property setup where needed (ownership structure and Land Registry steps).

We do not:

register trusts with HMRC (TRS)
act as trustees
provide ongoing trust administration (accounts, annual declarations, trust tax returns, investment management, distributions).

Which trusts does this article cover?

This article is about Will trusts (testamentary trusts), including:

Right to Occupy (RTO)
Property Life Interest Trust (PLIT)
Life Interest Trust (LIT)
Flexible Life Interest Trust (FLIT)
Discretionary trusts (including Nil Rate Band Discretionary Trusts in the right cases)
Vulnerable Person Trusts (VPTs)
Trusts for children and young persons (including Bereaved Minor and 18–25 structures where relevant)

TRS registration: what it is and what it costs

TRS is HMRC’s Trust Registration Service. Some trusts must be registered, and registered trusts must be kept up to date.

Helpful official starting points:

Typical cost of TRS registration

Option A: DIY (often £0).

Most trustees can register a straightforward trust themselves. The “cost” is time and accuracy, not a government fee.

Typical trustee time (straightforward): around 1 to 3 hours once the right information is to hand
If you are less digitally confident or details need gathering: allow half a day over a few sessions

Option B: Pay a professional (low hundreds + VAT).

If trustees would rather outsource it for confidence and speed:

Typical fixed-fee band: £200 to £925 + VAT (straightforward to moderate cases)
Costs rise where there are non-UK factors, complicated beneficiary classes, multiple trustees, urgency, or tax reporting from the outset

“DIY is possible” is not the same as “DIY is best”. Many families outsource TRS simply to reduce risk and stress.

Keeping TRS up to date

Even if the trust is not “busy”, trustees still need to keep the record current.

DIY update: often 15 to 45 minutes for a simple change
Professional update (if you outsource): commonly £100 to £300 + VAT per update, depending on what changed and how much supporting work is needed

Ongoing trust administration: what trustees actually do

This is the part that feels murky online because it depends on whether anything happens.

Quiet years (often low cost)

In quiet years, trustees typically:

keep trust documents safe
keep contact details current
record key decisions in simple written notes
update TRS if needed.

Many families have years where the cost is effectively £0.

Event years (where costs usually appear)

Costs commonly appear when trustees need to:

sell, buy, transfer, or refinance a property
agree a downsize or a move into care
let the property (even short term) and deal with rental income
make discretionary payments or loans
deal with trustee changes or disagreements
complete trust accounts and tax reporting (where required).

A practical budget for an event year is often £500 to £2,500 + VAT, sometimes more if there is litigation, major disagreement, or complex tax.

The biggest cost driver is not the trust label. It is what the trust owns, and what the trustees do.

The “other” costs people forget (especially with property trusts)

Even where the trust itself is quiet, real life still has moving parts.

Property insurance after the first death

Where a share of the home sits inside a trust, insurers may require the policy to reflect the trust interest correctly and for the parties with an interest to be named appropriately (often the trustees, alongside the continuing owner or life tenant position, depending on wording and insurer practice).This does not always increase the premium, but it can create admin, and it is important to get right.

Conveyancing and lender requirements

If the property is later sold, transferred, or remortgaged:

trustee authority and signing requirements matter
lenders may want additional confirmations
conveyancing can be more involved than a simple sale.

That is why property trusts often feel quiet until a transaction happens, then become “real work”.

Valuations

Trustees sometimes need a valuation:

for fairness between beneficiaries
for decision-making
for tax reporting where relevant.

Tax returns and accounts (only when triggered)

Not every trust needs an annual trust tax return.Where a return is needed:

DIY using trust tax software can be tens of pounds per year for the software licence, plus trustee time
Accountant preparation is commonly £300 + VAT at the low end, rising with complexity. In more involved years it can move into high hundreds or low thousands + VAT, especially if there are property transactions, multiple income streams, or complicated distributions.

If the trust involves your home: the practical setup that makes it work

Many couples own their home as beneficial joint tenants, which usually means the home passes automatically to the survivor outside the Will.Where a property-based Will trust is intended, you often need tenants in common (50–50) so the first-to-die’s share can pass under their Will into the trust.

Beneficial joint tenants: the survivor usually inherits automatically, regardless of the Will
Tenants in common (50–50): each person’s share can pass under their Will into the trust.

If you want a home-based Will trust to work, ownership mechanics matter as much as the wording.

A property-based trust commonly involves:

checking the current ownership position
severing joint tenancy where needed
ensuring the appropriate Land Registry restriction is in place (often a Form A restriction for tenants in common).

Costs by trust type (what changes, and what does not)

This section helps clients choose a structure without guessing.

Right to Occupy (RTO)

Often the lightest admin profile, because trustees may rarely need to act unless the property is sold, the occupier moves, or there is a dispute.

PLIT and LIT

Often quiet for long periods, then busier at natural “life events” (downsizing, care move, sale, second death). Many families run these with family trustees and occasional professional help.

FLIT (why clients sense the ongoing cost risk)

A FLIT can involve more trustee decision-making over time, because flexibility creates choices. The trust might still be quiet for years, but when decisions are required trustees should minute them properly and sometimes take advice.A realistic planning approach is:

Quiet years: often £0, or £150 to £500 + VAT for occasional professional support
Decision years: commonly £500 to £2,500 + VAT, depending on the decision, the assets, and whether tax reporting is triggered
If you appoint professional trustees or full administration: expect low thousands per year, and sometimes more depending on the fee model and the trust value.

A FLIT does not automatically create annual fees. The costs tend to show up when decisions and events happen.

Discretionary trusts and Nil Rate Band Discretionary Trusts

Often higher “decision density” than a PLIT, because trustees may make more distributions and must keep good records. Tax and reporting can also be more active depending on what the trust holds and pays out.

Vulnerable Person Trusts (VPTs)

These can justify more specialist involvement because safeguarding, benefits interaction and governance can matter as much as the money. Some families still run them informally with lay trustees, but more choose a specialist support model.

Trusts for children and young persons

These can be straightforward in quiet years, but trustees still need to keep records and invest sensibly. Costs rise if there are frequent distributions, disagreement, or tax reporting.

A short technical note (only where it affects cost)

Most families do not need to become trust technicians. The cost angle is simply this: if a trust is taxable, or actively managed, reporting becomes more likely.Common examples:

If the trust receives income (rent, interest, dividends), there may be reporting and record-keeping obligations. Income is often treated as the life tenant’s income in many life interest structures, with trustee reporting obligations depending on facts.
If trustees sell a property that is not the life tenant’s main residence, capital gains tax considerations can arise.
In many life interest structures, inheritance tax is often aggregated to the life tenant’s estate for IHT purposes (again, it depends on the structure and facts).
The residence nil rate band is only available where the home or its sale proceeds pass to direct descendants in the right way.
TRS registration and updates may apply where registration is required.

If trustees keep assets simple, and the trust is quiet, costs tend to stay low.

Care fees and means-testing

Planning primarily to avoid care fees is risky and can be treated as deliberate deprivation. Many clients are willing to pay a fair contribution and typically use Will trusts mainly for survivor protection and keeping inheritance on track. Any care-fees impact is secondary and never guaranteed.

Cases

Alan and Janette choose a PLIT to protect the survivor and keep inheritance on track

Alan and Janette are married and want the survivor to feel secure in the home, but they also want clarity that the first-to-die’s share ultimately reaches the intended beneficiaries. A Property Life Interest Trust (PLIT) gives that blend. In most years nothing changes day to day, so admin is light. Costs tend to show up only if something happens later, such as downsizing, a move into care, or a sale.

A right to occupy that stays simple for years

John wants his partner to have a secure home for life, but wants the property to pass to their children eventually. A right to occupy can be quiet for years. Trustee work is mainly governance and record-keeping. The event year is usually when the occupier chooses to move, the property needs to be sold, or there is a dispute.

A FLIT where flexibility is valuable but decision-making needs care

A blended family wants protection, but also wants flexibility if the survivor’s circumstances change. A Flexible Life Interest Trust (FLIT) can deliver that, but it may generate more trustee decisions over time. The trust can still be low-cost in quiet years, but the family budgets for occasional advice in decision years so trustees feel confident and properly documented.

A discretionary trust for an inheritor at risk

Sam wants to leave money for an adult child, but worries about relationship pressure or debt. A discretionary trust lets trustees support the beneficiary without handing over a lump sum at the wrong moment. Some years are quiet. Other years involve real trustee decisions and occasional professional input.

A vulnerable person trust where specialist input can reduce risk and stress

Mark & Sue are supporting a beneficiary who is vulnerable or disabled. The trust is designed to improve quality of life while managing long-term governance. They decide to use a specialist for key steps because continuity and compliance matter, and because trustees want reassurance they are doing the right thing.

Do all Will trusts have to be registered on Trust Registration Service (TRS)?

Not always. Some Will trust situations can be excluded for a period and the triggers can vary. Trustees should check the position at the time the trust arises.

Is TRS registration something trustees can do themselves?

Yes, often. Many trustees do. Professional help can be good value where trustees want confidence and speed, or where the trust is more complex.

Are ongoing trust costs always annual fees?

No. Many trusts have quiet years at £0. Costs usually show up when something happens, such as a sale, a move, distributions, or tax reporting.

How do I stop “unknown costs for life” with a FLIT?

Choose family trustees where appropriate, keep the trust assets simple where possible, and plan to take paid advice only when decisions arise. If you appoint a professional trustee or full admin service, you are choosing a higher ongoing cost model.

Does a Will trust avoid probate?

Not automatically. Many estates still need a grant. A Will trust changes how assets are held and protected after death, but it does not guarantee probate is avoided.

Next steps

Tell me what you are trying to protect (survivor security, inheritance alignment, vulnerability, or a blend).
Confirm how your home is owned (beneficial joint tenants, or tenants in common (50–50), or another split).
Decide which post-death support model you prefer: DIY, occasional professional help, or full administration.
We draft the Will trust wording and, where relevant, we help put the property mechanics in place so the plan works in practice.

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How much does a Will trust cost to set up and run?