In California, probate fees can cost $50,000 on a $1 million estate. A $500,000 estate triggers roughly 5% in costs. Without a living trust or estate plan, heirs lose money to the probate process automatically.
Chapters
It's a public process. And right now in California alone, the probate starts at $500,000, goes all the way up to about $180,000. Imagine that. You have a hundred— let's say you have— well, in California everything's worth a million, but, but, you know, I mean, it's, it's crazy. But let's just say, for example, you have a million dollar house and you pay $50,000. Your, your beneficiary just lost 5% of their money because you didn't create an estate plan, right, and have a living trust. Because let me tell you about probate before I get into how do you get started. But understanding, if you don't— you— there's two plans that the government— the government already has a plan for you, has a plan for me, for you, for everybody, every listener out there. The government has a plan, and the plan is pay me to decide what happens to the things that you worked your entire life for. That's what the government's plan is.