Estate Planning Alternatives- Do I need a Will or a Trust? Comparison chart Estate Planning Alternatives | |
| Intestate
Succession
(no Will) | Joint
Tenancy | Simple
Will | Testamentary
Trust | Unfunded
Living
Trust | Funded
Living
Trust | | Avoids Probate
at Death of
First Spouse | no | yes | no | no | no | yes | | Avoids Probate
at Death of
Second Spouse | no | no | no | no | no | yes | | Provides
Maximun Tax
Savings | no | no | no | yes | yes | yes | | Avoids Need for
Conservatorship | no | no | no | no | no | yes | | Provides Family
Privacy | no | no | no | no | no | yes | | Establishes
Trust for
Beneficiaries | no | no | no | yes | yes | yes | | Allows Maker to
Pre-Test
Administration
During Own
Lifetime | no | no | no | no | no | yes | | Prevents
Attachments of
Beneficiary's
Assets | no | no | no | yes | yes | yes | |