You may believe that a last Will is your best option for transferring your assets on death because you are not wealthy. But in many cases you have more effective options for distributing your assets to your loved ones even if you do not consider yourself to be among the financial elite.
A lot of people do not realized that a Will is not just read by your family members. The court has to make sure the wills is in fact the last one and is valid; and the court has to allow creditors an opportunity to seek repayment. In addition, transparency is necessary during the handling of the estate.
So, if you use a last Will, your estate will pass through the legal process of probate. Though probate does provide some protections, the process can be expensive and time-consuming.
A revocable living trust provides another route to transfer your assets on death, and in the long run you may be saving money. You also have the ability to include an incapacity provision giving someone you trust the ability to manage your finances for you if you cannot.
You have choices to make when you are planning your estate so the best way to proceed is to sit down and discuss your unique situation with a licensed, experienced, and savvy Northern Kentucky estate planning lawyer.
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