Estate Planning Comparison

 

A comparison of having no will, having a will, and utilizing a living trust.

No will Will Revocable Living Trust with Power of Attorney
You become incapacitated. The court oversees all financial affairs. The court oversees all financial affairs. No court control.
At death Probate occurs. The court oversees payment of your debts and distribution of your assets according to state law. Probate occurs and your assets are distributed per your valid will. No probate.
Court and legal costs Often in the 3-8% range. Often in the 3-8% range. If there are no estate taxes, the legal costs would be none. Your attorney can help in instances of large estates.
Time Probate can take anywhere from nine months to two years. Probate can take anywhere from nine months to two years. Minimal delay. Usually just weeks. Larger estates may take a little longer.
Flexibility None. Some flexibility as your assets are distributed according to your valid will. You can change your will at anytime. Maximum. You can change or discontinue your trust at anytime.
Control None. Some control as your assets are distributed according to your valid will. You can change your will at anytime. Maximum. You can change or discontinue your trust at anytime.
Privacy None. None. Maximum.


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