When you hear the facts explained in detail by a good Cleveland estate planning lawyer you may decide that you would prefer to state your final wishes via the execution of a revocable living trust rather than using a last will. In a general sense the primary motivation would usually be to avoid probate.
Probate is the process that an estate must pass through before everything becomes final and the heirs receive their inheritances. If there are no challenges and no particular snags it is still going to take a considerable amount of time. Depending on the jurisdiction we are talking about several months at minimum.
On the other hand, complicated cases can drag on for a very long time. And in addition to the time lag there are also considerable expenses that go along with probate, and this is another reason why it is often avoided.
A question does however arise with regard to a revocable living trust: what happens to resources that you own that have not been placed into the trust at the time of your death? The answer is that these assets would be subject to the probate process.
There is however a solution that is routinely implemented by estate planning lawyers in the form of a pour-over will. With this document you express that you would like any personal property that remains placed into the trust when you do in fact pass away.
When you hear about details such as these you see the value of professional advice when you are planning your estate. A little bit of expertise can go a long way when you are undertaking such a significant financial endeavor.
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