Professional guidance is important when you are interested in making preparations for the future. As a layperson, it is very likely that you are not going to be aware of all of the different legal instruments that are available to you and why you may use one and not another and that is why you need to speak to an estate planning attorney.
There can be a lot more to comprehensive estate planning than simply drawing up a last Will, and in fact you may want to use an alternative to a Will such as a revocable living trust. These trusts are very appealing to some people because they enable the transfer of assets outside of the legal process of probate.
Probate is going to bring things to a standstill for a while as the court determines the validity of the Will and supervises the administration of the estate. Nobody in the family receives inheritances until the estate has been probated. In addition to the time lag, there are significant expenses that go along with the probate process. These are pitfalls that many people would prefer to avoid through the creation of a revocable living trust.
Trust administration is pretty straightforward. You as the creator of the trust are the grantor or settlor. You have to name a beneficiary who would inherit the resources in accordance with the terms that you set forth when you create the trust.
Someone has to actually handle the resources, potentially make investments, and distribute funds to the beneficiary. This is the trustee, and a lot of people will use a professional entity to act as the trustee such as the trust department of a bank.
If you are interested in providing your loved ones with inheritances in a smooth and efficient manner a revocable living trust may be a good choice. To obtain all of the details, simply take a moment to arrange for a consultation with a licensed Hartford estate planning lawyer.