Avoiding Probate provides instant access to inheritance & mitigates cost.
Typically, assets left to a beneficiary will have to go through the process of ‘Probate’ before your heirs will receive them. Probate is the legal process of transferring ownership from the deceased to the beneficiary via the Executor. It is a fairly bureaucratic process and often takes several months to complete.
In addition, it is often the case that a Solicitor or legal professional will be engaged to complete Probate and it would be reasonable to expect their fees to be in the region of 2% of the Estate value.
As a Trust survives even after you have passed on, those assets within the Trust will not be included within the probate process and therefore the beneficiaries will receive the benefit as you have stipulated immediately and without cost.
Protecting your wishes
How inheritance can be lost and how it can have an adverse effect
How Trusts can prevent generational Inheritance Tax and the burden placed on your heirs.
Find a professional Estate Planner near you who works with Spicer Finch.