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San Diego Estate Planning: Recent Article Highlights Pitfalls

In San Diego, many residents have no estate plan. In our firm of Law Office of Scott C. Soady, A Professional Corporation, LLP, we offer a complimentary and confidential consultation to determine which estate plan is right for you. You can also feel free to e mail us. In San Diego, in the Probate Courts, the legal fee is 4% of the first $100,000, 3% of the second $100,000 and then 2% of the remaining $100,000’s in incremental units. For example, if your house is valued at $500,000 and your debt on the house is $400,000, the legal fee is calculated from the gross fair market value and not the net.

A recent article highlights the problems with estate planning. This is not a problem unique to San Diego. In San Diego, a revocable living trust can have the effect of avoiding probate fees and costs if properly set up and properly funded. The article addresses persons who procrastinate due to their fear of facing their own death, do not properly fund the trust with property which causes the estate to be placed into probate or try and do it themselves with out of date forms and documents.

Do not let this happen to you and your family. Our firm can assist with an estate plan which is within your budget and will save your family money and legal fees in the future. Failure to have an estate plan or failure to properly fund your estate plan can have the same effect of having the estate in probate court.

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