You have choices when planning your estate. You are not needed to utilize a last will to direct the distribution of your possessions after your death. Instruments such as revocable living trusts are practical alternatives and they are not solely for the rich.
Your estate should be probated when you use a last will as your primary possession transfer vehicle. Probate comes with significant expenses. Depending on the general worth of your estate and its relative complexity, the expenses relate to probate can erode 10% of the value of your estate in court and lawyer fees.
In addition to the expenditures, probate can be a lengthy and time-consuming procedure. If your estate should go through probate, your heirs do not get anything until the probate process has been completed, and depending on the jurisdiction this can take numerous months or even years!
If you were to use a revocable living trust, upon your death your possessions might be moved to your enjoyed ones rapidly and outside of the pricey and time-consuming probate process. Additionally, a living trust allows you to include directions concerning your wishes regarding how you want your estate managed in case you become incapacitated.
You are not locked into any one particular course of action when you are making prepare for the future. To explore your choices, take a moment to schedule an useful assessment with a qualified Santa Clara County Estate Planning Attorney.