Here’s the story of two estates that looked virtually the same on paper as they crossed my desk. Each estate had a single parent who died and left assets to four children. Both estates also had a house and about $250,000 in liquid assets to distribute to heirs.

Where they differed, as you might have guessed, was in their estate planning.

The Living Trust

The first one had established a living trust. Thankfully for all involved, the process was trivially easy and absolutely free. The four kids and the family’s financial advisor walked into my office and we got it all squared away in about 45 minutes!

That includes everything: Dividing the liquid account four ways and arranging to sell the house and divide that up equally. It was free because I don’t charge for trust beneficiary meetings with heirs. It was 45 minutes because all the work was already done, included in the living trust. Carrying it out was simple.

The One with Nothing

The other estate was on the opposite extreme of the spectrum. This one had no estate planning at all! Not a will, not a trust.

As expected, it had to go to court and probate proceedings. The family naturally had disputes about who should get what, and the judge kept requesting appraisals, accounting, and documents that tacked on more time and expense.

But it eventually had a happy ending, right? Well, I couldn’t tell you, honestly! It’s been five years and the case still isn’t closed. The heirs haven’t seen a dime of inheritance yet, but continue to argue in court. This wouldn’t have been what their parent wanted, but it’s what happens without the means to avoid probate.

Making the Choice

Unfortunately, no one lives forever, and there will come a time when you need to take advantage of estate planning for a smooth transition. Getting tied up in the courts is a terrible burden, because judges and the formalities of the court process are expensive and time consuming.

Establish a trust and get help from us here at Morton Elder Law. It’ll save your loved ones so much time, money, and grief.

Don’t just give them the gift of an inheritance. Give them the gift of a headache-free inheritance!

~ Ronald Morton