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Both Wills and Trusts are devices which you can use to provide for the distribution of your estate upon your death. Deciding whether a Will or a Trust best fits your needs depends on your circumstances. A living Trust is a popular alternative to the traditional Will, but you should weigh the advantages and disadvantages of each before deciding on one form or the other.
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Will |
Living Trust |
| Probate |
Subject to probate proceedings.
Out -of-state property requires probate proceedings in that state, as well.
Provides court supervision for handling beneficiary challenges and creditor disputes.
Becomes public record at the time of your death.
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Not subject to probate proceedings.
Avoids the cost of a second-state probate proceeding where there is out-of-state property.
No automatic court supervision to deal with disputes.
Remains private.
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| Tax Savings |
Same tax saving provisions available as are available in a Trust. |
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| Management of your Assets |
In addition to the Will, must use a Power of Attorney or Conservatorship to manage assets. |
Allows you as the grantor to manage the Trust assets as long as you are willing and able.
Makes provisions for a successor trustee to take over in your place.
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| Costs |
Costs less to prepare a Will than a Trust. Cost to probate a Will can be substantial. |
Costs more to prepare, fund and manage a Trust than to prepare a Will. But avoids probate costs if all assets were held by the Trust. |
The Estate Lawyers at Piet & Wright can assist and direct you in the proper choice for your individual situation. Contact us for a consultation at 702-566-1212.
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