Lately more of our estate planning clients are choosing Revocable Living Trusts instead of Wills. Several factors are influencing those decisions. If you currently have a Will, you might benefit from an update.
A Common Misconception
One common misconception is that a Will avoids probate. A Will provides instructions regarding who will be in charge of your estate and who will receive your assets at your death. However, probate is still required for any assets that are distributed under the terms of your Will.
What is Probate?
Probate is a public court process where the distribution of your assets is overseen by a judge. Your personal representative (called executor in some states) hires an attorney to file the required court documents. The probate process includes certain waiting periods to be sure that all of your bills have been paid. Unfortunately, probates are taking longer and getting more expensive each year. Depending on many factors, a probate can take longer than a year and the fees and costs often range from $5,000 to $10,000. For these reasons, many people are choosing a Revocable Living Trust.
How does a Trust work?
A Revocable Living Trust avoids probate and allows your assets to be distributed to your beneficiaries privately without court supervision, generally saving time and money for your family. Creating a Revocable Living Trust usually costs a fraction of the price of a probate. To learn more about Trusts.
What is My Next Step?
Please contact one of our experienced estate planning attorneys to get the conversation started or call 503.786.8191 and our receptionist would be happy to help you.