A Trust Can Protect Your Interests

July 12, 2022

A Trust Can Protect Your Interests
At Canopy Realty, we deeply believe in our firm’s mission that we are here to protect your interests. When we work with clients, we consider you members of our family. We care about your overall well being, beyond the nuts and bolts of a real estate transaction.
Last week, we had the pleasure of hosting a webinar with Lilian Tsang of Tsang Law (www.tsanglegal.com). Lilian is a Trusts & Estates lawyer who is an expert in her field. She offered some wonderful guidance about the benefits of establishing a trust.
Here are three key takeaways from our webinar:
Probate is expensive and time consuming! If you pass away without having your assets held in a trust (even if you have a will), the distribution of your assets will need to be determined through a lengthy and expensive probate process. For a $1mn estate that is uncontested, the probate process is estimated to cost $46k. For a $10mn estate, the minimum probate fees would be $226k. Your assets would be tied up as your estate goes through the probate process, which can take 1-2 years.
Establishing a trust is relatively easy and cost effective and avoids probate. If your assets are held in a trust, then you avoid the probate process. Lilian offers a consultative approach where she will walk you through various scenarios to understand how you would want your estate handled upon your passing. She will prepare all of the legal documents and can even help with re-titling your real estate assets into the name of your trust. The base price for establishing a trust plus transferring one property into the trust is $4k.
With a trust in place, you receive so much more than asset protection. Your trust would include your will so you can clearly identify who is to receive what in the event of your passing. You would also establish medical directives so you can appoint people to make decisions for you if you become incapacitated or clearly state your wishes if this were to be the case. While these scenarios may not be the most fun to consider, having a disciplined approach to addressing them ensures that your final wishes are documented and can then be carried out.
Interested in learning more? Email me ([email protected]), and I will share the link to our presentation. Want a free consultation? Sign up to speak with Lilian on her website at www.tsanglegal.com.
(Canopy Realty does not receive any compensation if you work with Lilian. We just think she’s super cool and like-minded in wanting to help others with her talents. And, no element of our presentation or this blog post is to be construed as offering tax advice. Please consult with your tax advisor to receive information on your unique situation and before making any trusts and estates decisions.)

Recent Blog Posts

Stay up to date on the latest real estate trends.

A Trust Can Protect Your Interests

July 12, 2022

At Canopy Realty, we deeply believe in our firm’s mission that we are here to protect your interests.  When we work with clients, we consider you members of our family… Read more

2021 Bay Area Real Estate Market Update

December 25, 2021

COVID has caused a shift in buyer preferences. This has driven pricing up for some product types and in some markets, creating buying opportunities for the speculative… Read more

Development Journey: Approaching the Middle Phase

July 19, 2021

Despite making progress, we’re still not yet ready to submit plans for building approval in Pebble Beach. The property came with plans that the city and county had app… Read more

Have We Reached a Market Inflection Point?

July 3, 2021

The real estate market has been on fire. During the first half of 2021, Bay Area sellers have realized new price-per-square-foot records. Yet, I believe dynamics will … Read more

Development Journey: The Beginning

April 3, 2021

I’m looking forward to sharing progress reports as 1105 Wildcat Canyon Rd in Pebble Beach becomes a gorgeous modern home. Identifying this opportunity was somewhat eas… Read more

Is All Data Created Equal?

February 23, 2021

Someone recently asked for data of my sold price vs. list price for the past year. This was an awesome opportunity to consider the topic of whether this should matter.… Read more

Why Partner with Side Inc.?

January 29, 2021

Many real estate hobbyists might not be familiar with Side, and that’s on purpose. Side is a technology-focused brokerage that partners with top-producing agents to pu… Read more

Let's Talk

You’ve got questions and we can’t wait to answer them.