They say that it takes money to make money, but sometimes an outlay a financial resources can wind up saving you money as well. This is something to consider when you are trying to decide whether you should use a last will or a revocable living trust as your primary vehicle of asset transfer.
Typically speaking it will cost you more money to have a local Hartford estate planning attorney draw up a revocable living trust than it would to have your lawyer execute a simple last will. However, when you use a last will it is going to have to be validated by the probate court.
The court will then supervise the administration of the estate, which will be done in an active manner by the executor with the assistance of a probate lawyer. The court, the executor, and the attorney are all going to charge a fee. In addition, a tax accountant may be necessary as well as an appraiser and an estate liquidation company, adding to the expenses.
Depending on the specific case in question, all of these costs can add up to consume anywhere from 5% to 10% of the total value of your estate and sometimes even more.
Probate and the considerable expenses that go along with it can be avoided if you arrange for the transfer of your assets via the terms of a revocable living trust. If you are interested in exploring this option simply take a moment to arrange for a consultation with a licensed, savvy Hartford estate planning attorney.
- Can I Leave an Inheritance With Strings Attached? - February 2, 2023
- Are These Items Missing From Your Estate Plan? - January 17, 2023
- Advance Property Liquidation Can Streamline the Estate Administration Process - January 3, 2023