Estate Planning lawyers at The Rishwain Law Firm can assist you with your Estate Planning needs. Our attorneys have decades of experience with Revocable Living Trusts, Wills, Durable Powers of Attorney for Health Care, Financial Powers of Attorney, and more. If you are looking for an Estate Planning lawyer, please call The Rishwain Law Firm and ask to speak to our experienced Estate Planning lawyers today!
Revocable Living Trusts have become a popular estate planning vehicle over the last few decades, and for good reason. There is also a considerable amount of confusion and lack of understanding concerning the differences between a traditional Will and a Revocable Living Trust. The advantages of a Revocable Living Trust over a Will are significant. Some of the advantages include:
- A Will must go through the Probate Court process. A Revocable Living Trust does not.
- The Probate process is an expensive process which includes Executor fees, Attorney Fees, Court costs, and possibly Extraordinary Fees. The fees and costs of a Revocable Living Trust are usually minimal in comparison to a Will and the Probate Court process.
- The Probate Court process takes time to be completed. Even relatively simple estates can take well in excess of one year to complete, and usually more.
- A Will is a public document that is filed with the Court. It can be viewed by anyone. A Revocable Living Trust is a private document that can only be viewed by the named beneficiaries.
- The Probate Court fees are calculated on the “gross amount of the estate.” Therefore, if you own a home worth $300,000 and you owe $200,000 on the home, the probate fees on the home are calculated on $300,000, not on the equity of $100,000. The probate fees (excluding costs) on a $300,000 estate are $9,000 for the Executor's fees and $9,000 for the attorney fees. The probate fees on a gross estate worth $1,000,000 are $23,000 the Executor's fees and $23,000 for the attorney fees.
- A Revocable Living Trust can minimize or avoid completely any Estate Taxes due within nine months of the date of death in many instances that a traditional Will cannot avoid.
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