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.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.
- Will Your Legacy Plan Include Charitable Giving? - September 27, 2022
- A Trust Can Facilitate Responsible Pet Ownership - September 13, 2022
- Life Care Planning, Aging in Place, and the Medicaid Waiver - August 30, 2022
