You have choices when planning your estate. You are not required to use a last will to direct the distribution of your properties after your death. Instruments such as revocable living trusts are feasible options and they are not specifically for the rich.
Your estate needs to be probated when you use a last will as your main possession transfer car. Probate includes significant expenses. Depending upon the overall value of your estate and its relative complexity, the expenses connect with probate can deteriorate 10% of the value of your estate in court and attorney fees.
In addition to the expenditures, probate can be a lengthy and time-consuming process. If your estate must go through probate, your heirs do not receive anything up until the probate process has actually been finished, and depending upon the jurisdiction this can take several months or perhaps years!
If you were to utilize a revocable living trust, upon your death your properties could be moved to your loved ones quickly and beyond the expensive and lengthy probate procedure. In addition, a living trust enables you to consist of guidelines concerning your wishes regarding how you desire your estate managed in the occasion you end up being incapacitated.
You are not locked into any one particular course of action when you are making strategies for the future. To explore your alternatives, take a minute to schedule a helpful consultation with a certified Santa Clara County Estate Planning Attorney.