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I’m sure you’ve heard a lot of people talking about “Living Trusts” and estate planning, and you may be wondering about all of the details.  Right off the bat you may be wondering “do I really need an estate plan?”  The simple answer is that you don’t have to do anything.  If you do nothing, however, others will be forced to do things for you, and worse still is that the law and the courts may mandate an outcome in the absence of your action that you would find undesirable.  In addition, time and money will be lost if you don’t act.  As you can see – inaction will cost you! 

The main reasons to have an estate plan created are to:

tick Avoid probate (to prevent loss of time and money)

tick Plan for incapacity

tick Control who gets your estate on your passing

tick To name a guardian for your children

tick To avoid taxes

Get your free 30 minute consultation

Click Here to Contact us today to take advantage of our free 30 minute consultation. Estate planning can save both time and money in the long run compared to the alternative of probate. Further, proper estate planning is the best way to ensure your wishes are carried out in the manner you wish them to be carried out.

Click Here to download our eBook called "Top Things to Know Before Creating an Estate Plan or Hiring an Attorney". With this eBook you will learn:

* What happens if you don't plan at all
* If you really need an estate plan
* How you may be able to keep costs down
* How to avoid certain problem areas
* Why to avoid certain services
* A bit about the author Dan Powell

Call now to speak directly with attorney Dan Powell

1-619-980-2297

 

daniel
wealth council memberstate barsan diego bar

Our eBook

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Here, you can request a FREE download of our eBook - “Top Things to Know Before Creating an Estate Plan and Hiring an Attorney”.

What's in the eBook?

The eBook covers such topics as:

  • What happens if you do no planning at all
  • Do you really need a plan?
  • How you can help keep legal costs down
  • How to avoid certain pitfalls
  • “Trust Mills” and non-attorneys
  • A little bit about your author

Click here to download the eBook

Proof Positive!

A sturdy, decisive, well thought-out Revocable Living Trust centered estate plan is a superior method of controlling how your hard-earned assets are managed and distributed in accordance with your wishes

What Does Probate Cost?

In California, attorneys may charge a “statutory fee”.  This is a fee where the attorney charges an amount that represents a percentage of the value of all the probate assets.  However, the attorney does not have to charge the full statutory rate should they choose not to do so.  But, it should be noted that if the attorney performs “extraordinary services”, the court may allow additional payments in addition to the compensation provided by Section 10810 (of the California Probate Code), the court may allow additional compensation for extraordinary services by the attorney for the personal representative in an amount the court determines is just and reasonable.

California Probate Code sets the rate currently as:

  • 4% of the first $100,000 of the gross value of the probate estate
  • 3% of the next $100,000
  • 2% of the next $800,000
  • 1% of the next $9 million
  • .5% of the next $15 million

Keep in mind that the value of the estate is based on the value of the asset, and not its equity.  Therefore, if you own a home valued by the appraiser at $500,000 and you have a mortgage balance of $400,000 – the value is not $100,000 but the full $500,000.  Also, for example, let’s say you also have other property such as accounts and a car or two (worth an additional $150,000) that raise the total value of the estate to $650,000.

So the attorney probate fees for the estate break down like this:

  • 4% of the first $100,000                                 = $4,000
  • 3% of the next $100,000                                = $3,000
  • 2% of the remaining $450,000                       = $9,000

For a total fee of $16,000

So given everything we know now, let’s see what the potential costs will be for a simple $650,000 estate.  This can be any combination of probate property, but let’s say the home is $500,000 (not difficult in California) and an additional $150,000 in probate property.  Please keep in mind that fees given are approximate and may vary by location, changes in laws, or other factors.

  • $400 Court filing fee
  • $650 appraisal fee
  • $150 publication fee
  • $16,000 attorney fees
  • $16,000 executor fees (potential)
  • $400 fee to file Petition for Final Distribution
  • Total of $17,600 to $33,600

So you see that an average cost of $1,000 to $2,500 for a Revocable Living Trust Centered Estate Plan is far more affordable than the cost of a $10,000 to $30,000 probate.

But If I Create A Revocable Living Trust, Will I Lose Control of my Property?

Absolutely not. Think of a Revocable Living Trust as a bucket. It is a bucket that you constructed, and one which you hold. You are free to put things into the bucket, and take them out whenever you like. In the event you become incapacitated, you can determine whom you would like to hold the bucket on your behalf. In the event of your passing, you determine how the bucket is to be poured out to your family and friends. Moreover, the bucket and its content are not public record.

What Do I Get With an Estate Plan Prepared by William Daniel Powell?

You will get an affordable plan, at a competitive rate, and the peace of mind that comes with a plan built especially for you.

Your exact situation and desired distribution will dictate the means to be used, as well as the ultimate cost of the plan. However, every estate plan I create contains the Revocable Living Trust, Certificate of Trust, Trust Summary, Pour-Over Will, Durable Power of Attorney, California Advanced Healthcare Directive, funding instructions for various assets, and the funding of your residence with a new deed and Preliminary Change of Ownership Report prepared by my office to put the residence into your trust. All documents are attorney prepared, and all advice is given by an attorney. Legal Zoom won’t help you with funding or provide legal advice on such a personal level! Further, I will review the estate plan I create for you every three years, upon your request, with you for no additional charge*. Moreover, I am more than happy to discuss future changes to your situation, or family situation, as they arise and how it may impact the plan I drafted for you, at no additional charge*.

*Modifications will be at an additional charge.

Affordable Plans, Competitive Rates, and Peace of Mind

You do not have to trade sound professional legal advice for a reasonably priced will, trust, or complete estate plan. My law office offers packages that are affordable and competitively priced.

With so much riding on your decisions, you and your family cannot afford mistakes.

An attorney, like myself, who practices estate planning is the only person who can properly guide you to ensure your wishes are carried out and give you the peace of mind that comes with a properly executed and implemented estate plan.

A Plan Built Especially For You

When it comes to wills, trusts, and other types of estate planning, no two situations are the same. This is why my most important job is to listen to what you want to achieve in order to advise you on the best plan possible. Each and every document of your estate plan will be prepared by a licensed attorney to ensure your wishes are properly achieved.

Once Again, Proof Positive!

A robust, superbly drafted Revocable Living Trust centered estate plan is a superior method to prevent loss of time and money, and achieve your desires.

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The first step is fast and easy. Just tell us a few things. The next step will be a call from attorney Dan Powell and you will be well on your way to learning about your options, caring for your loved ones, and having a solid, attorney designed and drafted estate plan!

With so much riding on your decisions, you and your family cannot afford mistakes.