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Both
Wills and Trusts are devices 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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WILLS |
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 in both. |
| MANAGING 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, though 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. |
When deciding between a Will and a Trust,
it is advisable to consult a reputable attorney.
An experienced Estate Planning attorney,
like those at the CC LawGroup, will be able
to advise you on the many factors to consider,
and help you decide which approach is right
for you.
The CC LawGroup
Don’t Make A Move Without Knowing
Your Options. ™
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