What happened in California was that lawyers were charging too much so the Legislature set maximum percentage fees based on a percentage of the estate. There is no law setting minimums, but it was difficult to find a lawyer who would bill at a lower percentage, or at an hourly rate. So, the “living trust” industry arose.

Compared to what real estate agents ask, the rates are not that onerous: 4% of the first $100,000 of the gross value of the probate estate; 3% of the next $100,000; 2% of the next $800,000; and 1% of the next $9 million. Of course, in the “luxury home” market, few pay the high commissions routinely collected by Realtors on average homes. The wealthy can negotiate. I’ve been expecting that system to collapse for the last 40 years. I’m still sure the day will come, but maybe not in my lifetime. There are now some billionaires, though, trying to upset the industry by just buying homes and then selling them for a smaller markup than the agent commissions.