Wills vs. Revocable Trusts
Posted on Wed, Nov 11, 2009
All I need is a will, right?
All too often I am asked this question in regards to estate planning. Most people have a genuine concern for their families and a realistic approach to life. Those who fail to ask this question leave their fate in the hands of someone in a black robe in a Probate Court with costs, time, and fees to be paid by their families.
By the way, the answer to the question above is NO! A Will is just a one-way ticket to Probate Court. Although Probate Court is more streamlined than before, you will still incur attorney fees, court fees, inventory fees, and probably not complete the Probate process within a year.
There is a better way. It is called a Revocable Living Trust. Revocable actually means changeable in this context. I know some of you think that a Trust is only for the rich, but that is not true today. A modern Trust is for everybody with a home and modest assets. It is inexpensive (a lot less than Probate Court), private, and quickly transfers your assets to your loved ones. By the way, with a Trust, there is no Income Tax, no Inheritance Tax, and no Capital Gains Tax.
A Revocable Living Trust is just one aspect of an estate plan that can help protect you and your family now and in the future from the uncertainties of life. I have been helping clients for 25 years achieve one goal: Peace of Mind.