There are various estate planning tools that can effectively distribute your possessions the way you wish, help you avoid taxes, and handle other aspects related to your final arrangements. In addition, there are other documents which can help you put your healthcare wishes into writing so there is no mistake about what you want in the event of a personal disaster.
The fact that you are reading this means that you care about getting your affairs in order. So please keep reading and act upon what you read. As a law firm and business, we would be happy to handle your estate planning matters for you. This page will explain a few basics about some estate planning documents, but the heart of the information is contained in the specific pages.
Revocable Living Trust
A Living Trust distributes property much the same way a Will does, but it accomplishes the distribution without probate court supervision or interference. Instead, a less expensive, less time-consuming, private process is used. The only technical difference is that the title to property is in the name of the Living Trust, and you, or you and your spouse, are the trustees. Because the property is not technically in your name when you pass on, it does not have to go through probate. Many Living Trusts also incorporate credit shelter provisions to maximize tax savings for your heirs.
Privacy is another benefit often cited by Revocable Living Trust users. When a person passes on, his or her Will becomes a public document accessible to anyone. Any salesman may go into the probate court, see what your estate was worth and which heirs received an inheritance, what their addresses are, and begin soliciting them. A Living Trust may never be seen by anyone other than the trustee(s). According to statistics, Wills are also far more likely to be successfully challenged than Living Trusts.
Our firm strongly believes that cases where people have a primary goal of avoiding hassles for their heirs, then they should use a revocable living trust to distribute even a modest estate. Many other attorneys recommend using a Will instead because they either do not fully understand the advantages a living trust provides. For a specific recommendation on your situation, please call to schedule a free initial consultation with the office or