You have choices when planning your estate. You are not required to make use of a last will to direct the distribution of your assets after your death. Instruments such as revocable living trusts are viable choices and they are not exclusively for the rich.
Your estate needs to be probated when you use a last will as your main property transfer vehicle. Probate includes considerable costs. Depending upon the overall value of your estate and its relative complexity, the costs connect with probate can deteriorate 10% of the worth of your estate in court and lawyer fees.
In addition to the expenditures, probate can be a lengthy and lengthy process. If your estate must go through probate, your heirs do not receive anything till the probate procedure has actually been finished, and depending upon the jurisdiction this can take a number of months and even years!
If you were to make use of a revocable living trust, upon your death your assets could be moved to your liked ones quickly and outside of the costly and time-consuming probate procedure. Additionally, a living trust enables you to consist of directions regarding your desires regarding how you want your estate handled in case you become incapacitated.
You are not locked into any one particular course of action when you are making prepare for the future. To explore your alternatives, take a moment to schedule an informative assessment with a qualified Santa Clara County Estate Planning Lawyer.