I Own a House but Do I Really Need a Trust?
A lot of people tell us either they don’t want to incur the cost of a trust or they don’t think they need a trust. They would prefer a will.
First, if you own a home, you should have a trust. Even if your home is worth $600,000, the average in Orange County, and that is your only asset, you must pay attorney fees in probate that are extraordinary. Let me show you the fee calculation that must be paid by statute:
| On the first $100,000 home value you pay 4% to the lawyer | $4,000.00 |
| On the second $100,000 home value, you pay 3 % to the lawyer | 3,000.00 |
| On the balance of the value of $400,000 you pay 2% to the lawyer | 8,000.00 |
| Total attorney fees paid on the house alone, | $15,000.00 |
This outrageous fee has to be paid even if you want to give the home to a relative in your will. Worse, you should read the statute carefully (we set the statute out in full in “What is Probate?“). The lawyer fee has to be paid even if you owe a mortgage of $550,000 on your house.
Even the most expensive trust is nowhere one fourth this cost, and this fee does not include the costs of administration. Everyone that owns a home should have a trust, and the home is easily put into the trust. With a trust, properly funded, there is no probate and you don’t have to pay silly attorney fees for nothing.
Read “What is Probate?” and I will prove to you what most probate attorneys do not want you to know. If you are already convinced that a trust is useful, call us, and we will advise you for free at 1 888 752-7474 whether this should be a concern to you. You may also Contact Us online.