If
you have children, one of your prime objectives
in planning your estate is to assure that
your children are provided for, without delay,
following your death.
The
intestacy and probate process can add significant
time and expense to the distribution of your
assets to your heirs. These delays can be
devastating to your family who may be left
with mortgages and other bills to pay following
your demise. Your children may also be planning
to attend college or have other career plans
that can be interfered with by the probate
system.
The
costs of probate leave your heirs with a lower
percentage of the value of your estate. This
is especially the case in the event of an adversary
probate proceeding. If a probate proceeding
takes on an adversarial tone, the expense and
time inclined quickly begins to add up.
The
Revocable Trust has become the most common mechanism
to help people avoid the probate process. The
Revocable Trust provides for the maintenance
of your assets in trust during your life. The
assets can then be distributed based on your
intent as set forth in the Revocable Trust document.
