As you are engaged in your inheritance planning efforts, you’re going to have to consider the different choices that you have. One of the primary decisions that you are going to have to make will involve the vehicle or vehicles of asset transfer that you utilize. Everyone has heard of a last Will and a lot of people automatically assume that this is the vehicle that they will use.
In fact, you may want to take pause. If you use a last Will to direct the transfer of your assets to your loved ones, your estate is going to have to be probated. During this process the probate court determines the validity of the Will. If there are no challenges and it is in fact deemed to be valid, the court will supervise the administration of the estate.
The process of estate administration is time-consuming. Depending on whether or not there are any challenges and the relative complexity of the matter coupled with the court caseload it can take anywhere from a number of months to multiple years for an estate to be probated. No monies are distributed until this process has run its course.
This time lag is one of the reasons why people often choose to enable the transfer of assets in a different manner. Revocable living trusts are frequently used, but if you use a trust you still need to execute a Will. A pour-over Will is going to direct assets that you have remaining in your personal possession into the trust after you pass away.
To learn more about Wills and Trusts, simply take a moment to arrange for a consultation with a licensed Hartford Estate Planning attorney.