WP Stevenson & Companies

Estate Planning is the well contemplated act of Wealth Transfer. While it is true that much of the estate planning that takes place in America today is done for the very wealthy it is not true that estate planning is only for the rich. Wealth Transfer by definition is the act of transferring wealth from one party to another. It implies that care has been taken to optimize the benefit(s) to the recipient.

Wills are a commonly used tool to make ones wishes know of who is supposed to receive what from a decedant. Having a Will is certainly better than having no will and dying intestate. Dying intestate leaves it up to the State to decide how assets are to be distributed and that can turn into a mess. A Will however must be authenticated, and this is done through a process known as Probate.

Probate for those familiar with it is not a fun or happy word. My connotation of the word is expensive, time consuming and public. A popular method today to avoid the headaches and aggravation of Probate is flat out eliminate by establishing a Trust to own your assets. Simply put, if you don't own any assets, their will be nothing to probate! Worry not! You will still control all of your assets, because you will be the Grantor of these assets to the Trust, and also be the Trustee of the Trust. (aka the boss) At the death of the Trustee, the assets stay in the trust and a new boss takes over know of as the Successor Trustee. The original trustee has total power to name a Sucessor Trustee, and change that Successor Trustee at will. Hence the name Revocable Living Trust. If you would like to learn more or have special needs, please call my office to visit further.