You may hear conflicting information about estate planning and asset transfers. Some sources tell you that a will is sufficient, and there are others that talk about trusts to avoid probate.
What’s the real deal? This is a good question, and we will provide clarity in this post.
Simple Will Function
A will can be used to state your final wishes concerning the transfer of your property after your passing. You can also name a guardian for minor children in a will, and you can designate an executor to manage the estate.
This sounds like a simple and straightforward process on the surface, but when you dig deeper, you see a different picture.
The Probate Process
When a will is used to direct property transfers, the executor cannot act independently. In fact, the person who is named as the executor has no power at first. Under Connecticut law, the will must be admitted to probate, and the court will provide supervision going forward.
This court will typically empower the person who was named as the executor to administer the estate. During this process, creditors are given time to come forward seeking satisfaction before the assets are distributed to the people named in the will.
Regarding the document itself, the court will determine its validity. If anyone wants to challenge the terms of the will, they can come forward during this process.
Inherent Drawbacks
If you look at it objectively, you can see that probate serves a purpose, but there are some inherent drawbacks.
First, there is the time consumption. It will typically take about nine months at a minimum for probate to run its course. Complicated situations can be stalled in probate for much longer periods of time.
Secondly, you’re looking at some significant expenses. There is a filing fee with the court, and the executor is entitled to payment for their time and effort. A probate lawyer and an accountant may be called in, and this will add to the expense ledger.
Appraisals and liquidation may also be necessary, and there are costs associated with these services. Ultimately, a noticeable portion of an estate can be consumed during probate.
Lastly, there is a loss of privacy. The goings-on are matters of public record, so interested parties can pry into your final affairs if you use a will to state your wishes.
Revocable Living Trust
With a revocable living trust, you have a different set of circumstances, but there are some similarities. Initially, you will be the trustee, so you maintain complete control of the assets in the trust.
When you are drawing up the trust declaration, you name a successor trustee to assume the role after your death. This individual or professional fiduciary can also be empowered to manage the trust if you become incapacitated.
After your passing, the trustee will distribute the assets to the beneficiaries according to your wishes. The probate court will not be involved at all, so the drawbacks that we looked at above will never enter the picture.
This is one major benefit of a revocable living trust, but there are others. We will cover them in an upcoming blog post, so stay tuned.
Take Action Today!
As you can see, you have options when you are planning your estate. There are different ways to proceed, and the right approach will depend on the circumstances. For this reason, personalized attention is key, and this is what you will receive when you work with our firm.
If you’re ready to get started, we have an estate planning office in Westport, CT, and another one in Glastonbury. You can call us at 860-548-1000 to set up a consultation at either location, and you can use our contact form to send us a message.
And if you would rather learn more about the importance of estate planning before you take the final step, attend an upcoming seminar. Our learning events are offered on a complimentary basis, and you can get all the details on our Seminar Schedule Page.
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