Go for a “seamless transfer.”
That is advice emphatically delivered by an industry insider in a recent Kiplinger article addressing estate planning execution.
And its commentator stresses that it applies even in scenarios where planners have no children.
“Seamless” in the above paragraph essentially mean avoiding probate, a protracted and public process that opens your life’s accumulated assets to scrutiny and seeks to clear title to them. Creditors are notified. Relatives and other persons might conceivably be given the opportunity to contest a will. Sometimes a planner leaves no will at all, further complicating an already complex process.
Much of the above ado can be avoided through the creation of one or more applicable trusts, which are planning vehicles of marked utility. A planner working with a proven estate administration attorney can attend to most (and sometimes all) key planning matters, and avoid probate by doing so.
Trusts can also help their creators retain decision-making power over assets during their lifetime. Kiplinger duly notes that they allow inheritances to be passed along “in a protected and private way.” They also help ensure that some individual never contemplated as an heir does not step forward in probate and claim a portion of your wealth.
Even if trust creation is not contemplated, individual or family planners with no children gain great benefit from executing other relevant documents, such as durable powers of attorney. Those instruments can promote key goals in financial and health care matters in the event of incapacitation.
Arkansas residents wishing to know more about trusts, powers of attorney or other estate planning matters can contact established Little Rock estate administration attorneys for candid counsel and proven legal representation.