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Judith A. Wright |
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Judith A. Wright |
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About Our Services |
Passing property in trust avoids probate with passing property held in the deceased spouse’s individual name to the designated beneficiaries, including a spouse. Unless a trust is used to transfer property to the designated beneficiaries, property that is owned in a person’s individual name will go through the probate process as part of post-death administration. The cost for using probate can be substantial. Most of this amount is made up of attorney’s fees. A fully funded revocable living trust, regardless of the size of the estate, can reduce much of the cost. Moreover, the transfer process is mostly private and is usually completed more quickly, particularly if there is no estate tax return involved. Speed and privacy can be of particular importance when passing on the family business or other sensitive assets or if family issues dictate private settlement. |
Estate Planning
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