Probate & Revocable Living Trusts by GershLawKY

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Estate planning involves deciding not just who is going to receive inheritances from you, but how you will be delivering these assets

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									Probate & Revocable Living Trusts

Estate planning involves deciding not just who is going to receive inheritances from you,
but how you will be delivering these assets. As we all know the last will is the most
common and well understood estate planning vehicle, and the utilization of such a
document to transfer assets to your loved ones is certainly an option. However, in many
cases it is not going to be the preferred choice because your estate must go through the
process of probate if you use a will as your primary vehicle of asset transfer.

Probate is the legal process of estate administration, and during this interim the probate
or surrogate court determines the validity of the will and otherwise supervises
transactions made on behalf of the estate. This sounds fine on the surface but there are
pitfalls involved with the probate process.

For one probate can take anywhere from several months to several years to run its
course, and the heirs to the estate do not receive their inheritances while it remains open.
In addition, probate expenses can routinely consume as much as 5% of the overall value
of the estate and sometimes even more in especially complex cases. Thirdly, probate is a
public process that opens the door to will challenges, and many people would prefer to
keep this door closed.

An estate planning alternative that many people turn to is the revocable living trust. With
these trusts you retain full control of the assets while you are still alive. But after your
death your chosen trustee administers distributions to your beneficiaries in accordance
with the wishes that you stated when you created the trust agreement. These asset
transfers take place in an efficient and expedient manner outside of the process of
probate.

If you're interested in learning more about revocable living trusts as an alternative to a
last will, simply get in touch with an experienced estate planning attorney to arrange for
an initial consultation.

Experienced estate planning attorneys Louisville KY of the Gersh Law Offices PSC
offers estate planning and business planning resources to residents of Louisville KY. To
learn more about these free resources, please visit www.gershlaw.com today.

								
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