Home - Geoffrey D. Chin
Practice Areas
About Geoffrey D. Chin
Article Archives
Contact Us / Directions
The benefits of a Living Trust

Living Trusts generally provide 6 main benefits when created with other proper documents.
1.
Avoiding Probate
2.
Minimizing Federal Estate Taxes
3.
Avoiding conservatorship in the event of incapacity by providing for management of bills/assets during incapacity
4.
Providing privacy
5.
Protecting your family
6.
Controlling final distribution of your assets

The difference between
Simple Wills and Trusts:

A simple will is merely a set of instructions to the Probate Court as how to distribute a decedent's assets. A Trust on the other hand is used to AVOID the probate court proceedings. A Trust is usually prepared with a "POUR-OVER" WILL that instructs the executor to POUR any assets which may be left out of the Trust, into the trust upon death.

Why Should I Avoid Probate?

Probate is a court procedure whereby the Probate court authorizes transfer of property to the decedent's heirs and loved ones upon death. Probate, like any other court procedings can be very costly to the estate and quite time consuming. For example, Probate in Los Angeles County can take anywhere from one to four years, depending on the complexity of the Estate.

Cost of probate:

By transferring your assets now into a Living Trust you will save your loved ones thousands of dollars in probate fees later...

Fees that are paid BEFORE your heirs receive their inheritance. They consist of court costs, appraisal fees, bond premiums, executor's and attorney's fees... an average of 6% to 10% of the Gross value of your estate can be saved. With your assets in a Living Trust, your family can avoid these high probate fees.

Gross Estate
Probate Fees
$150,000
$11,000
$300,000
$18,000
$500,000
$26,000
$1,000,000
$46,000

Other problems with probate:

1.
Probate files are public documents. This means that anyone can find out what assets are in the estate,what debts are owed at the time of death, and who received what and how much.
2.
Assets are frozen and cannot be sold without court approval.
3.
Wills can be contested by anyone.

Cost of a
SIMPLE TRUST PLAN
at our office:

Gross Estate Value
Cost of a
Simple Trust Plan*
Under 700,000
$795.00 Single
$895.00 Married
700,000 to 1,500,000
$995.00 Single and Married
1,500,000 and above
Minimum $1,100 and quoted individually depending on the nature of the estate assets

* Above rates are subject to change annually on January 1 of every year. Complicated Trust matters will be quoted individually.
** Fees above do not include fees charged by the County Recorder and messenger service. Additional charges for transfer of real estate ($125.00 per deed.)


©2009-2015 Law Offices of Geoffrey D. Chin. All rights reserved.

VIEW DISCLAIMER

The information you obtain at this website is neither legal advice nor intended to be legal advice. This website and the information at this website does Not create an attorney-client relationship. You should consult a qualified attorney for individual advice regarding your own particular situation. Any confidential material, confidential information or confidential communication you send or post to this Website or locations and e-mail addresses listed at this Website are Not protected unless an attorney-client relationship is established.  An attorney-client relationship is Not established until a written legal services agreement is signed.