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.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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