You may have heard the expression “the right tool for the right job,” and a lot of times what separates the professionals from the rest of us is the fact that they have the right tools at their disposal.
When it comes to estate planning there are different tools that are utilized under varying circumstances. There can be more to it than simply drawing up a last will, and this is why it is advisable to work with an Indianapolis estate planning lawyer when you are contemplating your legacy.
One option that you may want to consider would be to utilize an RLT or revocable living trust as your primary vehicle of asset transfer rather than a last will. The use of a revocable living trust enables probate avoidance, and probate carries some significant pitfalls with it. For one thing, it is a public proceeding and privacy is important to many individuals.
Probate can also take a lot of time to run its course and bequests are not distributed until the estate has been closed by the probate court. And perhaps most importantly, probate is quite expensive and probate costs can erode the value of your estate considerably.
A revocable living trust can also include an incapacity component that provides directions in the event of your incapacitation, and this is another part of the appeal.
If you are interested in exploring the possibility of creating a revocable living trust, don’t hesitate to pick up the phone and arrange for a consultation with an experienced and savvy Indianapolis estate planning attorney.