As a Palm Springs estate planning attorney, I’ve seen firsthand how the probate process can impact people. When a loved one passes away in California without an estate plan, their assets often go through probate – a court-supervised process that can be difficult, confusing, lengthy and expensive
Probate typically takes 12 to 18 months, but can extend to years for complicated estates or if a dispute arises. This lengthy process can be emotionally draining.
Probate costs often range from 3% to 7% of the total estate value. For a $1 million estate, that’s $30,000 to $70,000 in probate costs that comes out of your loved one’s inheritance and goes to the lawyers and the courts.
Having worked with many clients over the years, I’ve seen how a well-crafted estate plan can make all the difference. Here’s why:
– Avoid Probate: A living trust ensures your assets pass directly to beneficiaries, bypassing the time-consuming and costly probate process. Creation of a trust typically takes weeks or months, not years, and costs a fraction of the cost of probate.
– Maintain Privacy: Unlike probate, which is public, a trust keeps your affairs private.
– Control Your Legacy: You decide who receives your assets, rather than leaving it to California law to decide.
– Protect Your Healthcare Wishes: An advance healthcare directive ensures your medical decisions are respected if you’re incapacitated and when you pass away.
– Manage Your Finances: A durable power of attorney allows you to choose who handles your financial affairs if you’re unable to do so.
Cost Comparison: While creating an estate plan does have upfront costs, they are almost always much lower than probate expenses. A comprehensive estate plan might cost between $2,000 to $5,000, depending on the complexity – a fraction of the potential probate costs.
As someone who’s been through personal experiences with estate planning – from handling my mother’s estate to facing health challenges with my husband – I understand the importance of being prepared. It’s not just about legal documents; it’s about peace of mind for you and your loved ones.
At the Law Offices of Eric A. Rudolph, P.C., we specialize in creating comprehensive estate plans tailored to your unique needs. Whether you need a living trust, a last will, or a complete estate plan, we’re here to guide you through the process.
Don’t leave your family’s future to chance. Contact our office at (760) 673-7600 or schedule a consultation to learn how we can help safeguard your legacy and protect your loved ones from the complexities and costs of probate.