It Might Be Cheaper to Create an Estate Plan

My  fellow SoCal attorneys over at the California Estate Planning Blog wrote about the increased filing costs in Los Angeles County. Their example considers a common situation:

If you are married, own a home and have a minor child — the following could very well occur if no estate plan is in place:

1. Probate of the home;
2. Possible opening of guardianship of the minor to receive life insurance proceeds; and
3. Possible opening of guardianship of the minor’s person to determine custody of the child in accordance to the court’s discretion if you haven’t left your wishes in writing.

So, in that scenario — it would cost at least $350 to open probate plus another $1218.00 to establish a guardianship.

For that amount, you might as well prepare an estate plan and avoid all of the headaches and frustrations that could be involved with probate and guardianship.

Related posts:

1. How Often Should I Review or Update My Estate Plan?
2. Reviewing Your Estate Plan Helps You Avoid Keeping the Ex as the Beneficiary
3. A Case of the Mondays: Humor in Estate Planning
4. Bank Accounts and Estate Planning
5. Estate Planning & Retirement Workshop with Joshua Hernandez on April 14, 2011 at 6:30 PM