The Need for a Living Trust in Carlsbad, California
According to the U.S. Census Bureau, as of 2012, Carlsbad boasts a total population of over 109,000. And just looking at the amount of growth occurring right now and Carlsbad probably has a current population of over 120,000 in 2014.
A 2010 Lawyers.com national survey noted that only 18 percent of the population had a Trust (living trust or other trust agreement)— that is down from 31 percent in 2007. And only 35 percent of the population had a Will in 2009. That leaves some 65 percent of the population without either a Will or a Trust.
We assume, with the more sophisticated and knowledgeable families in Carlsbad, California, that a higher percentage of Carlsbad residents have a Living Trust or Will in place. But even if we take more conservative numbers and use 2007’s 31 percent, that still leaves a large percentage of Carlsbad residents exposed to a potential costly and time consuming California probate.
In Carlsbad, the median home value is $659,000. In California, an estate will have to go through the probate process, even if you have a Will, if the value of the estate exceeds $150,000. That means if your home is valued above $150,000 F.M.V. (not net value) your estate will go through probate, with or without a Will. And probate is costly, with most probates ranging from five to six percent of the total value of the estate when factoring in attorney fees, CPA fees, appraisal fees, etc…
The majority of residents need to consider Will, Trust and Estate Planning in Carlsbad, California. And without a doubt, virtually every homeowner in Carlsbad needs a Living Trust, because property in a Trust avoids probate.
Sixty five percent of Carlsbad residents own their own home. A large majority of homeowners do not have a Living Trust or a Family Trust. Therefore, using the high number above of thirty one percent of residents having a trust, there is still a huge need for another thirty four percent of residents to create a Living Trust or Family Trust in Carlsbad.
A large majority of our clients list the lack of discretionary income as the main reason for delaying on the creation of a trust in Carlsbad. However, at the Law Offices of Jack B. Friedell, our team of experienced Carlsbad Will and Trust Attorneys work together with our clients in creating an affordable estate plan. We also offer a monthly installment plan so we can work with you to create your estate plan and you can pay for it over a period of twelve months.
There really is no better time to get your estate plan in order. Please contact an experienced trust and estate lawyer in Carlsbad today!
Stop by our estate planning 101 section to learn more about why you need an estate plan.
The authors, publisher and host are not providing legal, accounting, or specific advice to your situation.
