Northern Kentucky estate planning lawyers will often advise clients to consider creating a revocable living trust rather than relying on a last will to serve as a primary vehicle of asset transfer. There are a few reasons why these trusts may be preferable, but the benefit that most people seek from them is the ability to transfer assets to their loved ones outside of the probate process.
Probate is a process that takes place under the auspices of the probate court. There can be significant expenses that go along with this process including attorney fees, court costs, accountant fees, liquidation expenses, appraisal costs, and the executor’s compensation. All of this can add up to consume a very significant share of your estate.
In addition, probate does not happen overnight. It is a time-consuming process, and the rightful heirs to the estate do not receive their inheritances until it has been probated and closed.
If you do choose to use a trust, it is administered in a more straightforward manner. You select a trustee to handle the funds and beneficiaries who will receive distributions according to the terms that you set forth when you draw up the trust agreement. As the grantor, you may choose to serve both of these roles while you are still alive but name successors to assume them after you pass away.
The transfer of assets in accordance with the terms of the trust agreement is handled by the trustee in a timely and efficient manner upon the death of the grantor.
Should you be interested in the possibility of creating a revocable living trust, the logical first step would be to sit down and discuss the details with a licensed and experienced northern Kentucky or Ashland KY estate planning lawyer.