Is a Last Will Really the Economical Choice?
There are individuals who are under the impression that using a last will is the most economical choice when you are planning your estate. They have heard that it costs less to create a will than it does to create a revocable living trust. While it is true that there is more legal work involved in trust creation whether or not it is more expensive in the long run is going to depend on your situation.
You have to understand the fact that your will is not going to be read in a vacuum among family members.It must be probated,meaning that the probate court must determine the validity of the will and supervise its administration.
During this process interested parties could step forward and challenge the will,and the ensuing court battle could be quite expensive.
Depending on the exact specifics of your case the executor may be required to pay complicated final taxes and this can involve bringing in an accountant who will of course charge for his or her services.
Real and personal property may have to be liquidated and this can involve liquidation companies,appraisers, and real estate professionals.
Your executor is going to need the assistance of a probate lawyer who will charge a fee.The executor is entitled to payment for his or her time and expertise, and the court itself charges a fee that is based on the value of the estate.
When you look at all these expenses that last will may not be so economical after all.
The best way to decide how to proceed is to look at the big picture with the benefit of professional advice. Should you be interested in doing so,take action right now to arrange for an informative consultation with a seasoned and savvy Cleveland OH estate planning lawyer.
ABOUT THE AUTHOR: Michael O'Brien
Experienced estate planning attorneys Cleveland OH of The O'Brien Law Firm LLC offers estate planning and business planning resources to residents of Cleveland OH.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.