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Estate Planning Basics: Wills
Wills are what you need to appoint guardians for your children and arrange to manage their property for them until they’re able to do so on their own. Making a will is a critical first step in your plan. But wills must go through the probate process, a lengthy and expensive court procedure in which a judge determines that your will is valid and supervises distribution of your property. In most California counties, it can take 6 to 18 months and cost up to 6% of your gross estate (that includes the fair market value of your house when you die, even if the bank really owns it). If you have a house worth $500,000 and $100,000 of other assets, probate costs could be close to $36,000 and could easily be even higher. You can avoid probate by establishing a Living Trust. |
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