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Estate Planning Estate Planning


  • Will – A will is the document that specifies to whom your assets will be distributed after your death, as well as addresses issues such as child custody and funeral arrangement.
  • Revocable Trust – A trust is an entity of sorts unto itself, into which all of your assets are transferred once the trust is created. Once this occurs, the assets technically are owned by the trust, but you still have full use of these assets and may do with them what you wish, include buying and selling. Also, the trust is revocable, meaning you can change it or cancel it at any time.
  • ken ostrove probate and trust lawyer in North Hollywood, CA
  • Power of Attorney for Financial Matters – The Power of Attorney gives another individual (or group of individuals) the authority to make financial decisions for you on your behalf, should you become unable to do so.
  • Advance Health Care Directive – The Advance Health Care Directive gives another individual (or group of individuals) the authority to make medical decisions for you on your behalf, should you become unable to do so. You may specify certain parameters or limitations as part of the directive, such as when it becomes effective, whether you want extraordinary measures used to save your life, etc.
  • Certification of Trust – The Certification of Trust is a summary of the contents of the trust. The document is provided to financial institutions to prove there is a trust in existence.
  • Property Agreement – The Property Agreement is similar to a prenuptial agreement. It lists any property that spouses are maintaining as separate property and therefore not part of the trust.
  • Other Asset Transfer documents – Other documentation that is critical to the establishment of a trust; includes deeds transferring real property into the trust, letters of instruction to financial institutions to move assets into the trust; confirmation that assets have been transferred into the trust, etc.

FEES

For probate attorneys, fees are set by state law and applied across the board, regardless of background. This means that a highly-experienced attorney like Ken, who has been practicing for over a quarter-century, will cost exactly the same as an attorney who has been practicing for just a couple of years. With so much at stake and so many details to address, why not get the benefits of Ken’s knowledge and experience for the same price as someone else?

Fees for probate are based on a formula that varies with the value of the estate. Any estate with a value of greater than $100,000 must go through probate, regardless of any mortgages, loans, or other debts that may be claimed against the estate. Here is the breakdown of fees for Probate: (insert chart for Excel here)

Estate Value % $50,000 $100,000 $500,000 $1,500,000 $5,000,000
1st $100,000 4% $ - $4,000 $4,000 $4,000 $4,000
Next $100,000 3% $ - $ - $3,000 $3,000 $3,000
Next $800,000 2% $ - $ - $6,000 $16,000 $16,000
Next $9,000,000 1% $ - $ - $ - $5,000 $40,000
             
Total Fee   $ - $4,000 $13,000 $28,000 $63,000

For estate planning, please contact Ken for a no-obligation estimate of your fees. Ken is the neither the cheapest nor the most expensive, but he works to keep his fees as low as possible. Remember, you get what you pay for. A legal documentation preparation service may have an extremely low price, but how do you know about the experience of the person preparing it for you. If you go to a high-priced attorney with a big firm, you see them in a nice office, but does that add any more value for you?