Estate Law

Estate law questions? Ask an estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

What does a revocable living trust do for you and the cost?

What does a revocable living trust do for you and the cost?
Ask Your Own Estate Law Question
Answered in 1 hour by:
3/27/2018
Roy Hadavi
Category: Estate Law
Satisfied Customers: 1,214
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified

­­Hi. My name is ***** ***** I am a licensed California attorney with extensive estate planning experience. I would be happy to provide assistance. Please keep in mind that our conversation does not include an attorney‑client relationship and this is for general information purposes only.

Answer: In California, a trust serves a very significant purpose for the beneficiaries of your estate (the individuals that will receive the assets from your estate). There are two mains benefits.

  1. Avoiding Probate: California requires that all property (except for some minor exceptions) owned by an individual at the time of their death go through the probate courts. ​With a properly drafted and funded trust, the estate does not need to be probated, because when you die you technically own nothing. Instead, the trust (which during your life you will have 100% control over) owns all of your property. There are two main reasons that probate should be avoided.
    • Length of Probate: The probate process can take anywhere from 9 to 12 months, if it goes perfectly smoothly, and far longer (several years) if there are issues (which there often are).
    • Attorneys' Fees: The attorneys' fees for probate are set by statute and are based on the value of the estate. The cheapest estate to probate with $100,000 in assets, would cost $4,000 in attorneys' fees to probate. Only a very inexperienced attorney would be willing to take on such a cheap probate, because the amount of work involved outweighs the amount that the attorney will receive. The lowest value estate that an experience attorney would be willing to take is $1,000,000. In addition, a very good attorney will draft an entire estate plan (trust, will, power of attorney for both financial and health matters) for about the same price as the cheapest probate would cost ($4,000).
  2. The other benefit to the beneficiaries is that the assets that they receive through the trust are protected from creditors. This means that if a beneficiary is sued or has debt, the creditors would not be able to pursue a claim against any of the assets that the beneficiary receives from the trust, while they are in the trust. For example, if a beneficiary receives a house through the trust, the beneficiary could have thousands and even millions of dollars in debt, but the house would be protected from that debt.

Rating & Additional Questions:

  • Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow-up or clarification questions. Please ask me as many questions as you need. There is no additional fee.
  • If you ask a follow‑up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.
  • If you are dissatisfied with my response, please let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can AOpt [email protected] and your question can be re‑posted without additional cost to you. I will be fair to you, and only ask the same from you.
  • If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service (hopefully Excellent/5 stars!) at the top of the screen. Otherwise, I receive no credit for assisting you today.
  • A BONUS is also appreciated if you feel I've earned one today.
Roy Hadavi
Category: Estate Law
Satisfied Customers: 1,214
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified
Roy Hadavi and 87 other Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 27 days ago
Thank you for the information.

Thank you so much for the 5‑star rating! I know rating takes an additional step and I truly appreciate you taking the extra time! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: https://www.justanswer.com/law/expert‑royhadavi/ Or, simply request ARoy [email protected] in the first line of your question.

Ask Your Own Estate Law Question
Was this answer helpful?
Ask Roy Hadavi Your Own Question
Roy Hadavi
Roy Hadavi
Roy Hadavi
Category: Estate Law
Satisfied Customers: 1,214
1,214 Satisfied Customers
Experience: Attorney at Law Offices of Rosenstein & Associates

Roy Hadavi is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,488 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,126 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,032 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,841 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,454 satisfied customers

Experienced in multiple areas of the law.

ScottyMacEsq

ScottyMacEsq

Attorney

1,167 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Estate Law Questions
Do I need a lawyer to make a Revocable Living Trust or can I
Do I need a lawyer to make a Revocable Living Trust or can I just use LegalZoom or something like that to create? What advantages are there to getting a lawyer?… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
In regards to a list of assets-inventory for probate court,
In regards ***** ***** list of assets-inventory for probate court, my husband still owed $400,000. On his mortgage and I'm trying to figure out if this gets listed under mortgages/notes/cash because h… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
I have a revocable living trust and just opened up a trust
I have a revocable living trust and just opened up a trust checking account under my trust name. Can I do a POD beneficiary or how do I go about designating a beneficiary to that account? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
The probate court recently named the fiduciary to an estate
Second opinion] The probate court recently named the fiduciary to an estate due to lack of response by the other heir named in the will who claim is that another will was written after the first howev… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,153 satisfied customers
The probate court recently named the fiduciary to an estate
The probate court recently named the fiduciary to an estate due to lack of response by the other heir named in the will who claim is that another will was written after the first however the 2nd will … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
I am a trustee with two others of a revocable living trust
i am a trustee with two others of a revocable living trust agreement. the settler has died and now the three of us are trying to manage. the one trustee lives in ca and the other one lives in md i liv… read more
jb156200
jb156200
Associate Attorney
Doctoral Degree
804 satisfied customers
A family member has a Revocable Living Trust. 22 years ago
A family member has a Revocable Living Trust. 22 years ago before traveling abroad,he appointed himself as UA and a "trusted" colleague as UA on several Merrill Lynch personal checking/savings account… read more
Damien Bosco
Damien Bosco
4,162 satisfied customers
Mom died with a revocable living trust which I understand
Mom died with a revocable living trust which I understand becomes a irrevocable trust at her death. I need an EIN number to get a bank account to deposit the money from the sale of her house. Having t… read more
LegalGems
LegalGems
Juris Doctorate
11,587 satisfied customers
How does the probate courts save their records. in around
how long does the probate courts save their records. in around 1888, my g grandmother was commited to a mental hospital. Can I get those records? … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
We have a Revocable Living Trust. We have designated
We have a Revocable Living Trust. We have designated distribution of a specific Property to Party A. We have designated the remainder of the Estate equally to Parties A, B and C. Can our Living Trust … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
If put my fathers will in probate court, there are 4 girls
If put my fathers will in probate court, there are 4 girls altogether, we don't get along 2/2 i am executive, sold house, missed 1 court date not aware of and judge asended sell what are my options if… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
We have a revocable living trust and need to make an
We have a revocable living trust and need to make an amendment to it - I still really don't understand all about it. We have 2 sons listed now on this , thinking to add a 3 rd but also to exclude any … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Owner of revocable living trust dies. One sibling becomes
Owner of revocable living trust dies. One sibling becomes trustee/beneficiary, other sibling estranged at time of inception in 2004 and excluded. However comes back into the picture 2011 trust was not… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
Do I still need to go through probate court with a revocable
Do I still need to go through probate court with a revocable living trust agreement left by my Grandparents? … read more
Roy Hadavi
Roy Hadavi
1,214 satisfied customers
My daughter is a beneficiary of our revocable living trust
My daughter is a beneficiary of our revocable living trust and lives in a house which lies in the trust. I am trustee. If I sell the house am I eligible for the $250,000 deduction? … read more
Damien Bosco
Damien Bosco
4,162 satisfied customers
My mothers estate is in probate court, due for a final
hello pearl, my mothers estate is in probate court, due for a final motion to end, i believe my brother and sisters are trying to eliminate me from her assets. I have been homeless for about 2 years, … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
Second opinion] In Michigan Probate Court, Michigan probate,
For my mothers estate I received the form notifying me that my brother was requesting to be the personal representative. The file number box was blank. When I went to the probate office to challenge this -within the 14 days- the clerk told me there was no file opened under my mother's name so I thought the forms sent to me were premature. But 2weeks later I bet the papers signed by the judge assigning my brother as PR. Is that correct process under the law? … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,153 satisfied customers
When there is a revocable living trust for a husband and
When there is a revocable living trust for a husband and wife and one passes away is any new property placed in the trust after the first trustee passes away still titled in the full name of the trust… read more
jb156200
jb156200
Associate Attorney
Doctoral Degree
804 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x