By Attorney Robert L. Ferris
If you own a home in the Bay Area you need to have a Revocable Trust. The reason is simple: Condominiums in Daly City sell for $600,000 or more and single family homes are selling for $800,000 to $1.2 million dollars. In San Francisco single family homes are selling for $1.5 million dollars and above. The reason these sale prices are important is because these are the numbers that will be used to calculate the Attorney’s Fee and the Estate Representative’s Fee when a dead person’s property is probated. The statutory probate fee on a $600,000 property is $15,000; on an $800,000 property it is $19,000; and on a 1 million dollar property it is $23,000. These are the statutory probate fees for both the attorney and the estate representative. In other words, on a million dollar property both the attorney and the estate representative are each entitled to a fee of $23,000 for a total of $46,000. If there is a mortgage on the property that mortgage is NOT included in the calculation. In some instances, the family member appointed by the court as the estate representative may be willing to waive his or her fee, but the attorney is never going to waive their fee. If the children are unable to pay these fees the house may need to be sold to complete the probate process. Knowledge is power and if you would like to learn more about probate, wills and trusts please call our office at (650) 488-0431 to schedule a free 30 minute consultation. Our office is conveniently located in the AAA Building in Daly City.
If you own a home you may want to consider getting a trust from a trusted attorney which will avoid the high cost of probate.
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