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Probate And Revocable Living Trusts

Probate And Revocable Living Trusts

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Published by Wes Gersh
Estate planning involves deciding not just who is going to receive inheritances from you, but how you will be delivering these assets
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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Categories:Types, Business/Law
Published by: Wes Gersh on Jun 22, 2011
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05/12/2014

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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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