Within the last couple of days, I have discussed with clients about why wills contribute to family disputes. Wills contribute to family disputes because wills invite conflict. Wills invite conflict because an attorney must mail out certified notices to all heirs regardless of whethey they are inheriting. This causes disappointment and hurt especially when a loved one did not treat his or her family member's equal. This also leads to wills contest, which cause great family harm.
Where as, revocable living trusts or otherwise known as "living trusts" do not invite conflict. A revocable living trust is a private document. In contrasts, a will is a public document, which means that anybody and everybody has a right to see the will. This is not true with a revocable living trusts or living trusts. This privacy right lessons the chance of a family fight. There are no requirements that the trustee and beneficiaries mail notices to any relatives that did not inherit. In fact, this is strongly discouraged because a family fight is likely to occur.
A revocable living trust also creates a smooth process upon death or incapacity. A will must undergo a court process called probate court. Probate court is designed to hear inheritance matters and determine who are the rightful heirs of the deceased person. Often times, probate court requires a surety bond and court costs along with attorney's fees. Simply put, a revocable living trust is a simplier process and more cost effective. In many cases, the heirs must sell their real estate or other valuable assets to pay the attorney's fees and costs.
The Robertson Law Group, LLC concentrates in wills and trusts planning, advanced estate planning, and asset protection. We advise and counsel you on inheritance matters and how to set up your estate plan in a manner that limits family disputes.
We can be reached for a free initial consultation at 630-364-2318 or 312-498-6080. We also are available via email at RobertsonLawGroup@gmail.com. Our website is www.RobertsonLawGroup.com.
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