Let Us Help

Call: (909) 612-5787

732 N. Diamond Bar Blvd., Ste. 210,
Diamond Bar, CA 91765
Please enter your first and last name
Please enter your email address

 

You need to upgrade your Flash Player
 
 
Bankruptcy
Business Law
Construction Law
Estate Planning
Family Law
Landlord & Tenant
 
 

Revocable Living Trust

Tuesday, 12 February 2013 09:11

   

 

    What is a revocable living trust and how will it benefit me? One of the most beneficial aspects of a trust is that it allows the beneficiaries, after the death of the owners (or Settlors) to avoid probate. Probate is an extremely expensive legal process and the fees paid to the attorney and the administrator or executor are set by statute. The fees are set by California Probate Code Section 10810. They are as follows:

 

Percent Estate Value
4% The first $100,000.00
3% The first $100,000.00
2% The next $800,000.00
1% The next $9,000,000.00
1/2% The next $15,000,000.00
Reasonable Amount Determind by the Court All amounts over $25,000,000.00

 

    What is a revocable living trust and how will it benefit me? One of the most beneficial aspects of a trust is that it allows the beneficiaries, after the death of the owners (or Settlors) to avoid probate. Probate is an extremely expensive legal process and the fees paid to the attorney and the administrator or executor are set by statute. The fees are set by California Probate Code Section 10810. They are as follows:

Estate Value Attorney Fees Adm/ Executor Fees Total
$200,000.00 $7,000.00 $7,000.00 $14,000.00
$500,000.00 $13,000.00 $13,000.00 $26,000.00
$1,000,000.00 $23,000.00 $23,000.00 $46,000.00
$5,000,000.00 $63,000.00 $63,000.00 $126,000.00
$10,000,000.00 $113,000.00 $113,000.00 $226,000.00
$25,000,000.00 $213,000.00 $213,000.00 $426,000.00

   

    Add to this the filing costs, appraisal costs and other incidental court costs and you can see clearly that probate is an expensive proposition. The alternative is to create a revocable trust. A trust avoids probate and allows the persons you select to manage and distribute your assets as you see fit after your death–and during your lifetime if you became unable to manage your own affairs.
    A trust also gives you the flexibility to provide for your minor children or adult children if they cannot manage their own affairs. Upon creation of your trust, you then transfer your assets into the trust and the trust becomes the owner of the assets, and you of course own and manage the trust, most typically, during your lifetime. Upon your death, your assets are distributed to the persons you select, in the manner you select. As long as you are competent, you may revoke or change the terms of your trust at any time.
    A living trust avoids probate saving your beneficiaries time and money. And since the court would not be involved, your assets and their values as well as your beneficiaries identities would not become public record. If you die and your assets are not in a living trust they could be subject to probate. There are a few other ways to avoid probate with certain assets, which will be a subject for future reflection.
    Here at the Law Offices of Gloria D. Cordova, Inc., we will help you get started planning for your estate. We offer a great package deal that includes a Will, Revocable Trust, Advanced Health Care Directive, Durable Power of Attorney, and we also transfer your property to your trust. Please call to set up a consultation, you can reach us at 909.612.5787. Please check in regularly to learn more estate planning facts. Also check us out on https://www.facebook.com/gcordovalaw?ref=hl.

Read 28507 times

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

BANKRUPTCY

Bankruptcy Law I represent Debtors and Creditors in Chapters 7, 11, and 13 bankruptcy filings and various adversary...
read more >>

BUSINESS LAW

Business Law I represent business clients in the selection, formation, dissolution, and purchase and sale of their...
read more >>

CONSTRUCTION LAW

Construction Law I represent developers, owners, architects, general contractors, subcontractors and material...
read more >>

ESTATE PLANNING

Estate Planning I represent those dealing with durable power of attorney, trusts, wills, probate, guardianship and...
read more >>

FAMILY LAW

Family Law I represent those in the process of Divorce or Marriage Dissolution, Child Custody, Child or Spousal...
read more >>

LANDLORD & TENANT

Landlord and Tenant I represent Property Managers, Landlords and Tenants dealing with rentals, contracts, eviction...
read more >>
2010 © The Law Offices of Gloria D. Córdova - All Rights Reserved

Office Location

The Law Offices of Gloria D. Córdova
t: (909) 612-5787 | www.GCordovaLaw.com
732 N. Diamond Bar Blvd., Ste. 210
Diamond Bar, CA 91765

GET DIRECTIONS >>