the benefit of revocable trusts
Post on 26-Jul-2015
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1. by Attorney Douglas Borthwick 2. In California and similar states, probate can turn into adrawn-out and expensive process. Court costs can go ashigh as 5 percent of the estates total value, according tolegal experts. As a consequence, attorneys often establishrevocable trusts to avoid probate and to ensure thatassets are distributed in keeping with the deceasedswishes. 3. Revocable trusts prove particularly valuable whenparents wish to pass a family home onto their heirs. Theparents simply transfer the title of the property into thetrust, where it is held until their death. At that time, thehome passes onto the heirs, bypassing any need forprobate. In California, an heir might save an estimated$10,000 in probate costs on a home valued at $200,000. 4. Lawyer Douglas Borthwick is owner and President ofFreeman & Borthwick in Santa Ana, California.This site is designed for general information only. The information presentedshould not be construed to be formal legal advice nor the formation of alawyer/client relationship.