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Do I Need An Estate Plan?

10/30/2023 | Blog

Many ask if an estate plan is necessary. If you own a house in Southern California, it’s vital. Avoiding probate is key. For instance, with a million-dollar house and a $900,000 mortgage, probate costs about $23,000 in attorney’s fees and $3,500 in court expenses. In contrast, an estate plan is more affordable and quicker, shortening the process from a year to a few months upon passing or incapacitation.
Another reason for an estate plan is if you have a spendthrift child or one with disabilities. A spendthrift trust, managed by someone like Uncle Joe, ensures responsible disbursement for health, education, and support—preventing reckless spending. Whether for tuition, books, or even a condo, the trust secures the funds.
For assistance in creating an estate plan, contact the law offices of Alice Salvo for a free consultation.