Quote:
Originally Posted by SHIBUMI
I know this sounds crazy, but, everything can be bypassed if you add 1-2 persons name to the deed, to bank accounts, and to anything else you own.
This will by passes any legal dealings at all.
The bigger problem is, can you trust them..........and if you can't, why leave them anything.
You put things in a trust because you can't trust the persons you're leaving it to. Its as simple as that. 
QUOTE=Rainger99;2418512]I have spoken to a few attorneys about estate planning and trying to keep costs down such as legal fees; court fees; executor fees; trustee fees; etc. My primary assets are my house, my Fidelity accounts, my Vanguard accounts, and two small checking accounts. That is about 98% of my assets.
Some of them tell me that a living trust is the way to go; others say that probate is a way to go; and others say that I should set up a TOD or POD for the Fidelity, Vanguard, and checking accounts because this will bypass probate. I have been told that if you go through probate, the lawyers will take about 5% of your entire estate. Other people have told me that if you use a living trust, that the lawyers will still take a sizeable portion of your entire estate - but less than 5%
I am more confused now than I was before I started talking to the lawyers. Can someone who has had the actual experience of going through probate or using a living trust or using TOD or POD describe how the process actually works? What were the general costs or fees involved? How long was the process? How difficult was it? Did you have to hire a lawyer? Were the attorney or trustee fees based on the entire value of the estate - or were you able to reduce the amount of the estate for attorney or trustee fees? Thanks. |
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Not 5%, but a fixed fee (and yes, a small estate, it could be 5%) up to $1M then a percentage
Florida law provides guidelines for attorney fees based on the value of the probate estate. While these fees are not mandatory, they are commonly used as a benchmark:
• Estates up to $40,000: Attorney fees may be around $1,500.
• $40,000 to $70,000: Approximately $2,250. 
• $70,000 to $100,000: About $3,000.
• $100,000 to $1 million: Around 3% of the estate’s value. 
• $1 million to $3 million: Approximately 2.5%. 
• $3 million to $5 million: About 2%.
• $5 million to $10 million: Around 1.5%.
• Over $10 million: Approximately 1%.