A will may not be enough to fully protect your estate. While it’s an important step, it’s really just the beginning. In fact, according to a 1992 study by Esperti & Peterson, probate costs can consume 5-10% of an estate’s value—and this may impact smaller seats even more due to court fees.
What does this mean for your family?
Probate can be a lengthy and costly process that leaves your loved ones dealing with legal headaches and unnecessary expenses, right when they should be focusing on healing and moving forward.
How Can Vick Law, P.C. Help?
We offer comprehensive estate planning to ensure that your assets are fully protected and your family avoids the probate trap. One powerful tool we use is trusts—legal structures that allow you to transfer and protect assets while keeping your estate out of probate.
Here are a few types of trusts that could benefit your family:
- Revocable Living Trust: Allows you to maintain control of your assets during your lifetime, but they pass directly to your beneficiaries without going through probate after your passing.
- Irrevocable Trust: Offers greater asset protection, ensuring your estate is shielded from creditors, taxes, and probate, while providing for long-term care needs.
- Medicaid Asset Protection Trust: Specifically designed to protect assets while qualifying for Medicaid assistance for long-term care.
Vick Law, P.C. Can Help
By using these tools, you can save your family time, money, and stress while protecting your legacy. Call Vick Law, P.C. today to schedule a consultation and learn how we can build a custom estate plan that goes beyond a will to fully protect what matters most to you. Your family deserves peace of mind!
Reference: Esperti, R. A., & Peterson, R. L. (1992). The living trust revolution: why America is abandoning wills and probate . Viking
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