Top

A Last Will or Living Trust: What’s Better To Accomplish My Goals?

Laughing

Everyone knows what a last will and testament are. However, a will is not always the best way to distribute your assets, explains the Times Herald-Record in the article “Living trusts are a better choice than wills.” Most people think that by having a will alone, they will make it clear who they want to receive their assets when they die. However, last wills are used by the court in a proceeding called “probate,” if the only estate plan you have is a will. The court proceeding is to establish that the last will is valid. Depending upon where you live, probate can take a year before assets are distributed to beneficiaries.

Certain family members must receive notifications when the last will is submitted to probate. Some people will receive notices, even if they are not mentioned in the will. This can lead to all kinds of awkward situations, especially from estranged or unknown relatives. The person who is the executor of the last will is required to locate these relatives, and until they are found and notified, the probate process comes to a standstill.

There are instances where a judge will allow a legal notice to be published in a local newspaper, after valid attempts to find relatives aren’t successful. If there is a disabled beneficiary, a minor beneficiary, a relative or beneficiary who can’t be located, or a relative who has been incarcerated, the judge often appoints lawyers to represent these parties’ interests and the estate pays for the attorney’s fees.

Depending on the situation, the executor may be required to furnish a family tree, or a friend of the decedent must sign an affidavit attesting that the person never had any children.

Thinking of disinheriting a child? Anyone who is disinherited in a last will receives a notice about that and is legally permitted to contest the will. That can lead to years of expensive litigation, including discovery demands, depositions, motions, and possibly a trial. Like most litigation, last will contests usually end in a settlement. The disinherited relative often gets a share of the inheritance, even when the decedent didn’t want them to get anything.

For many families, a living trust is a better alternative. They also serve as disability planning, naming people who will manage the assets of the trust, in case of incapacity. They are private documents, so their information does not become public knowledge, like the details of the last will.

Our qualified estate planning attorneys will help you determine what estate planning tools will work best to achieve your goals while maintaining your privacy and ensuring that assets pass to heirs in a discrete manner. Submit our online form to request a consultation today.

Categories: 
Related Posts
  • Why Now Is the Best Time to Create Your Will Read More
  • Executor Responsibilities: What Adult Children Need to Know When Parents Name Them in Their Estate Plans Read More
  • Estate Planning for Aging Parents: Important Questions for Adult Children to Ask Read More
/