Plans considering the benefits of a Revocable Living Trust, few families can afford to be without one. The objective of estate planning is to ensure that you control your estate, and ultimately transfer it to whom you want at the least cost as quickly and simply as possible. The process of estate transfer can be agonizing. Yet, for those who plan, transfer can be relatively simple and inexpensive. A Living Trust with its various provisions and accompanying ancillary documents achieves this goal.
With a Trust
No probate, maintains privacy, difficult to contest, fast distribution, controlled by your trustee, and administered at a cost of 1-2% of your gross asset value
No court-appointed conservator. You choose who is in charge of your assets
Estate taxes are minimized, and in many instances completely eliminated
Easy to amend, and no fees if partof a trust maintenance program
Recognized from state to state, and in many countries
Provides for continuity in business management
Property in trust can be managed and distributed in any way you choose
With a Will
Probate required, public record, easily contestable, delayed distribution (1-2years), losing control to the court, and paying probate fees of 5-7%
Court-appointed conservators in the event of disability
You are likely to pay maximum estate taxes, which can be half of your estate
Witnesses and notary needed to make changes, including lawyer fees
State-specific, thus any change in residence require redrafting the will
Businesses are at risk during the delay of probate as the family lacks control
When probate finally concludes, assets must be distributed outright at age 18