When you are planning your estate, you have options. There are various different ways that you can get inheritances into the hands of your loved ones after you pass away. It is possible to be proactive about the facilitation of timely asset transfers.
If you were to use a last will as your primary asset transfer vehicle, you would name an executor when you create the document. This person would serve as the estate administrator.
After your passing, the will would be admitted to probate. This process is in place to provide protections, but it does not run its course overnight. When an estate passes through probate, the heirs have to wait for their inheritances. Once the probate court has closed the estate, the executor can distribute the assets.
The exact duration of the process will depend upon the circumstances and the jurisdiction. In Vermont, a simple case will pass through probate in around eight months to a year.
Revocable Living Trusts
A revocable living trust can be a good choice if you want to facilitate timely asset transfers. Once you fund the trust, you do not lose control of the assets, so this should not be a concern. You can act as the trustee and the beneficiary while you are alive, and as the name would imply, you have the power of revocation.
In the trust declaration, you name a successor trustee to administer the trust after you die, and you also name successor beneficiaries. After your passing, the successor trustee would follow instructions that you leave behind and distribute inheritances to the beneficiaries in accordance with your wishes.
When assets have been conveyed into a revocable living trust, the inheritance distributions would not be subject to the probate process. As a result, if there is ready liquidity, the trustee may be able to start to distribute assets to the beneficiaries shortly after your passing if you create a living trust.
A revocable living trust is a versatile inheritance planning tool that can satisfy certain objectives, but there are more complicated situations that would call for the utilization of more advanced estate planning devices. Once again, the precise time frame will hinge upon the unique nature of the situation.
Free Report on Trust Administration
If you would like to learn more about the process of trust administration and the amount of time that it can take, we have a valuable resource that you can access through this website.
Our firm has prepared a special report on the subject, and it is being offered free of charge right now. To get your copy of the report, visit the following page and follow the simple instructions: Estate Administration Report.
Attend a Free Seminar
We place an emphasis on education, because we have found that people are more likely to take the appropriate actions if they know why estate planning and elder law matters are so important. There is plenty of written material available on this website, but our educational opportunities do not stop there.
Our attorneys hold estate planning seminars on an ongoing basis, and we get fantastic feedback from people that attend these sessions. Best of all, there is no admission charge, so you have everything to gain and nothing to lose. To see the schedule and obtain registration information, visit our seminar page and click on the date that you would like to attend.
Schedule a Consultation!
If you are ready to take the ultimate step and schedule a consultation with a licensed estate planning attorney from our firm, we would be more than glad to assist you. You can reach us by phone in Vermont at 802-879-7133. There is also a contact form on this website that you can use to send us a message.