I know: You expect an estate-planning attorney to be all in favor of Wills. It is absolutely true that you need documents to protect your assets and take care of your loved ones if you are no longer around, but as you’ll read in the USA Today article that follows, a Will isn’t always the best answer.
Wills must go through the probate process in court, and that often takes longer and costs more than if you create a revocable trust. A will is the best option in some cases, but a revocable trust can accomplish the same goals while it also avoids probate and is more flexible.
When we begin to work with a new client, our early conversations are all about determining what their assets are, but especially about how they hope to see them protected and distributed when they’re no longer around. With that understanding, we can advise you if a Will or a revocable trust is preferable. The trust administration process generally keeps your beneficiaries away from the court system. On the other hand, a Will requires the active participation of the probate court. That can entail a number of steps that take a lot of time and generate costs. In Virginia and some other states, the probate process can be even more time-consuming and expensive.
If your estate plan is currently built around a will, I encourage you to talk to us to be sure that it is the best vehicle for your circumstances. If it turns out that a trust is a better option, some time and money spent now can save a lot more hassle and expense later.
To learn more about the potential disadvantages of probate, see this USA TODAY article: Inheritance on hold? Most Americans don’t understand the time and expense of probate.
If you have questions about your estate plan, please contact Lawrence Jacobs at ljacobs@mcmillanmetro.com or call directly at (240) 778-2330 to set up a time to discuss the matter.
