A Revocable Living Trust Vs. A Last Will
There is more than one way to arrange for the transfer of assets to your loved ones after you pass away.
Because a last Will is the most well understood estate planning document, a lot of people simply
assume that they will utilize this document to record their wishes.
Though you certainly can make this choice, there are certain difficulties that your heirs may face should
you do so. Your estate is going to have to pass through probate if you use a last Will, and this process
can be quite time-consuming. The heirs to the estate do not receive their inheritances until the estate
has been probated and closed.
In addition, probate opens the door to those who would want to challenge your will, and it is also a
public proceeding and the goings-on are a matter of public record. Many individuals would rather
arrange for their final affairs to be taken care of discretely and confidentially.
There are costs associated with probate to take into consideration as well. By the time the estate pays
the court costs, attorney fees, accounting expenses, and the executor's remuneration, the overall value
of your legacy may be shaved down by as much as 10%.
If you choose a revocable living trust to direct the transfer of your assets, none of the above is
applicable. If you would like to get more information, the wise course of action would be to sit down
and discuss the matter with a licensed and experienced Loma Linda Estate Planning lawyer.
Experienced estate planning attorneys Redlands CA of the Elder and Disability Law Firm offers estate
planning and business planning resources to residents of Redlands CA. To learn more about these free
resources, please visit www.san-bernardino-elder-law.com/ today.