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$1,000,000 Estate

 

Living Trust


Fees:
   
  No Statutory Probate fees because no probate is required.
   
  Average Cost of Living Trust for two persons:  $1,250
   
  Attorney Fees:
  Negotiable, based on complexity of trust assets and amount of work Trustee does by themselves.
   
   
   
  (Average cost: $5,000 - $10,000)
   
Time to settle Estate:
  Approximately 2 to 4 months
   
Records are completely private.
   
  Example - Assume:
$1,000,000 Estate
  $(800,000) Debts
  200,000  
  $(10,000) Attorney Fees
  $190,000 Net Distribution
   

 

No Living Trust = Probate


Fees:  
     
  Statutory Fees: $23,000
Statutory Executor or Administrator Fees: $23,000
     
  Filing Fee (approx.): $350
     
Probate Referee Fee: $1,000
  Cost of Court Required Estate Accounting  
(average): $2,500
Total Cost: $49,850
Time to settle Estate:
  Approximately 6 to 8 months
   
Probate records are available to the public.
   
   
  Example - Assume:
   
$1,000,000 Estate
  $(800,000) Debts
  200,000 
   
  $(49,850) Probate and Other Fees
  $150,150 Net Distribution
   

Probate fees are paid on the gross estate, not the net estate after debts. In this example the net estate was reduced $49,850 or 25% because of probate and other fees that could have been avoided with a living trust.

 
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