A last will is a very limited estate planning device, and there are also some drawbacks that go along with the utilization of a last will. First, let’s look at the drawbacks.
Time Consumption and Money Lost
You probably would like your loved ones to receive their inheritances in a timely manner after you are gone. This will not happen if you use a last will to facilitate the distribution of your personally held property.
When you use a will as your asset transfer vehicle, you name an executor when you create the document. This is the person who will handle the business of the estate after your passing.
The executor cannot follow your instructions and distribute inheritances independently. Under the laws of the state of Connecticut, the executor would be required to admit the will to probate. During the probate process, the court would supervise the administration of the estate.
This process can consume a great deal of time, and the inheritors that are named in a last will must wait it out before they can receive their inheritances. The exact duration of the process will depend upon the circumstances, but even if things go well, it will take about a year.
The time consumption is not the only drawback of probate. There are also considerable expenses that can accumulate, including legal fees, accounting expenses, court costs, the executor’s remuneration, and liquidation expenses.
Lump Sum Inheritances
If you use a last will as your asset transfer device, you would be providing lump sum inheritances to the inheritors. This can be a source of concern if you have people on your inheritance list who are not good at handling money.
Avoid These Difficulties
With a living trust, you could avoid all of these difficulties. You name a trustee to administer the trust after you are gone, and you name beneficiaries to receive monetary distributions.
After your passing, the trustee would be empowered to distribute assets to the beneficiaries outside of the process of probate. As a result, the time consumption would not be a factor, and the expenses that go along with the probate process would be avoided.
Plus, you can include spendthrift protections. You do not have to allow for the distribution of lump sum inheritances. In the trust declaration, you could instruct the trustee to distribute limited assets over an extended period of time to maximize the viability of the living trust.
Learn More About Living Trusts
If you would like to obtain some detailed information about living trusts, we have a valuable resource that you can access quickly and easily through this website. Our firm has prepared an in-depth report on these trusts, and you can click the following link to obtain access to your copy: Free Living Trust Report.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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