Everyone has heard of the last will or last will and testament. You may be under the impression that things are very simple when you use a last will. For this reason you may decide that you are not interested in creating a living trust.
The Process of Probate
When you state your final wishes in a last will, you name an executor or personal representative. This is the individual who administers the estate.
The executor does not have the power to distribute resources to the heirs immediately. He or she must first admit the will to probate. Probate is a legal process that takes place under the auspices of the probate court.
Probate can be time-consuming, and there are a number of different expenses that can pile up during probate. Things aren’t as simple as they may seem to be on the surface when you use a last will to direct the transfer of your assets.
Revocable Living Trusts
If you use a revocable living trust to arrange for the distribution of monetary resources to your heirs after you die, the distributions will take place outside of the process of probate.
You do not lose control of the funds while you are living, but your beneficiaries receive their inheritances in a timely and efficient manner after you pass away.
With a living trust you can also account for the possibility of incapacity. You name a disability or successor trustee who would be empowered to administer the trust in the event of your incapacitation.
April Indianapolis Living Trust Seminars
Now that we have provided the necessary background information, we can invite you to attend one of the living trust seminars that we are offering during the month of April.
The seminars will provide attendees with in-depth information about the value of revocable living trusts.
These seminars are absolutely free to attend, but we do ask that you register for the information session that works best for you so we can reserve your space.
The first seminars are going to take place on April 8. There will be an afternoon seminar that kicks off at 2:00 PM in Johnson County at Jonathan Byrd’s Cafeteria. We are also offering an evening session on April 8 at the Cambria Suites Hotel in Plainfield. The evening seminar starts at seven o’clock. The seminars run for about two hours.
To see the complete seminar schedule, visit this page: Indianapolis Living Trust Seminars. Click on the seminar that interests you to obtain details and registration information.
These seminars will provide a great deal of valuable information, and people in attendance will have the opportunity to ask questions. We urge you to attend the April living trust seminar that works for you!
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- If a Beneficiary Dies During Probate What Happens to the Inheritance? - September 18, 2019
- Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority - September 11, 2019
- Are There Different Types of Special Needs Trusts? - September 4, 2019