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

What does a revocable living trust do for you and the cost?
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3/27/2018
Roy Hadavi
Category: Estate Law
Satisfied Customers: 1,382
Experience: Attorney at Law Offices of Rosenstein & Associates
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­­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.

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Roy Hadavi
Category: Estate Law
Satisfied Customers: 1,382
Experience: Attorney at Law Offices of Rosenstein & Associates
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Customer reply replied 3 months 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.

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