Living Trust California
Living trusts are very popular, especially in the state of California. For those families residing in California, passing on an estate can be expensive and time consuming because of the court process known as probate. It may cost on average 4% to 5%1 of the total estate value to get an inheritance to the beneficiaries. A living trust is very similar to a Will, in that it is simply just instructions as to who the beneficiaries are and how much they get. But, a living trust avoids probate and can save families thousands of dollars while avoiding a lengthy court process to receive an inheritance.
California is one of the more expensive states to go through the probate process. It doesn’t take much for an estate to be probated in California either. The main driving factor causing estates to be probated in California is the value of the estate. In California, at the time of death if a person owns $166,250 in assets or more in their name, the estate is generally required to go through the probate process. For many Californians, home ownership exceeds this limit. It’s hard to own a residence these days valued less than $166,250. Because of this $166,250 low threshold, owning a home in California is like having a one-way ticket to the cost and hassles of probate for the beneficiaries inheriting an estate. And, in calculating the value of the home only the market value is used, whether or not a mortgage exists on the home.
Of course, other assets are counted in estate value besides real estate. Bank accounts, mutual funds, stocks & bonds, even vehicles and home furnishings are counted. Because of this, it is very important for California residents to look into the value of establishing a living trust to avoid probate and save money for their heirs.
We’re here to help you understand and navigate these not-so-familiar waters, having helped over 17,000 California Residents. We know a thing or two about the process and have streamlined it for you. to learn more about how you can save yourself and your family the headache and hassle when creating a new or changing an existing Living Trust.1IRS Statistical Studies; Estate Planning Concepts Life and Health Continuing Education Course, Ninth Edition, 2006
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