Many people are opting for revocable living trusts these days rather than utilizing last Wills to arrange for the transfer of their assets.
There are advantages that you gain if you go this route, and one of them is the fact that you can include an incapacity component when you draw up the trust agreement. Expressing your wishes with regard to the preferred course of action in the event of your incapacity is an important part of a holistic estate plan.
In addition, the utilization of a revocable living trust allows for the transfer of assets outside of the process of probate. Probate is often avoided because it is time-consuming, it is expensive, and it is a proceeding that is public.
However, if you use a revocable living trust to direct the eventual transfer of your assets you are probably going to have certain resources in your personal possession?when you die that you did not place in the trust. How these assets would be distributed would have to be sorted out by the probate court. That is, unless you also include a pour-over Will in your estate plan. With this document you state your desire to have resources that you have left over directed into the trust that you created for the benefit of your heirs.
If you are interested in the possibility of creating a revocable living trust along with a pour-over Will, don?t hesitate to pick up the phone to arrange for a consultation with a good Suffolk County Estate Planning lawyer.
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The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, Inheritance Planning, wills
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Source: http://www.kobricklaw.com/blog/wills-and-trusts/forget-pourover/
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