| |
With No Will |
With a Will |
With a Revocable Trust |
| At Incapacity*
(unable to handle your financial affairs |
Court control: Court appointee must keep detailed records, report to court, and usually post bond (even if appointee is your spouse). Court oversees financial affairs, approves expenses. |
Court Control: Same as with No Will |
No Court Control: Your successor Trustee manages your financial affairs according to your instructions for as long as necessary. |
| Court Costs & Legal Fees |
Impossible to estimate. Court and attourney usually involved until you crecover or die. |
Same as No Will |
No Court Costs. Minimal legal fees if attourney assistance is desired. |
| At Death |
Probate: Court orders you debts paid and assets distributed in accord with state law. |
Probate: Debts paid and assets distributed according to your Will (if valid and no contests are successful) |
No Probate: Debts paid and assets distributed by Successor Trustee according to your Trust's instructions. |
| Court Costs & Leagal Fees |
Your estate pays all court costs, legal and executor fees (often estimated at 4%-8% or more of an estate's value). |
Same as with No Will. Costs can increase if Will is contested. |
Usually none if no estate taxes. (Attorney can be helpful for larger estates). |
| Time |
Usually 9 months to 2 years before heirs can inherit. |
Same as with no Will. |
Can be weeks(larger estates may take longer for estate tax filing). |
| Flexibility and Control |
None: Court procedures, not your family, have control at incapacity and death. When you die, assets distributed according to state law (probably no what you would have wanted). |
Limited: Same as with No Will, except assets are sistributed when ou dies per your Will (if valid and no contests are successful). Wills can be changed until incapacity. |
Maximum: You can change /discontinue Trust until incapacity. Assets stay under control of your Trust, even at incapacity and after you death. More difficult than a Will to contest. |
| Privacy |
None: Court proceedings are public record. Family can be exposed to disgruntled heirs, and unscrupulous solicitors. |
None: Same as with No Will |
Maximum: Revocable Trusts are not public record. Your family can take care of your financial affairs privately. |
| Minor Child |
Court control: Court controls inheritance, appoints Guardian. All decisions and financial transactions requeire court approval. Child receives full inheritance at legal age. |
Same as with No Will. |
Minimal Court Control: Trustee you select manages inheritance and provides funds for expenses until child reaches ag(s) you specify. Court approves Guardian, but has no control over inheritance. |
| Court Costs & Legal Fees |
Impossible to estimate. Court and attorney usually involved until child reaches legal age. All costs paid from child's inheritance. |
Same as with no Will. Costs may be less with Children's Trust or Will. |
Minimal. |
