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Home » Estate Planning » Trusts » Is A Last Will Really The Simple Solution?

Is A Last Will Really The Simple Solution?

July 20, 2012 by John Potter

There is nothing wrong with looking for simple solutions. Why make things more complicated than they have to be? In fact, even in science and math it is widely accepted that the simplest solution is generally the most elegant and therefore the best one.

With this in mind you may see the value in looking for simple solutions when you are planning your estate. This makes a lot of sense, and because the last will is the most commonly understood estate planning document, you may think that this is the simplest choice.

It may be the easiest document to execute, but when it comes to distributing assets things are not so simple.

Your last will is not going to take care of itself in a vacuum. Interested parties are given an opportunity to seek satisfaction from your estate, and anyone who wants to contest your estate can present their arguments before the probate court.

The executor of an estate has to pay debts including final taxes, deal with any challenges that may arise, have property appraised and liquidated, and work with a probate lawyer to navigate the process.

Accountants, attorneys, appraisers and liquidators all charge for their services, and of course the executor is entitled to remuneration. There are court costs as well, so when you add it all up this seemingly simple solution is actually quite expensive in many cases.

It is also time-consuming, taking anywhere from a number of months to even a decade or more in complicated, contested cases.

On the other hand, a revocable living trust enables the transfer of assets outside of probate. The distributions will take place in a timely manner in accordance with the instructions set forth by the deceased when he or she was drawing up the trust agreement.

The best way to proceed when you are planning for the future is to become apprised of all of your options and ultimately make an informed decision. The first step toward this end is to set up a consultation with a seasoned Ashland KY estate planning lawyer.

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John Potter
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Filed Under: Estate Planning, Trusts, Wills Tagged With: Estate Planning, Inheritance Planning, Trusts

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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