||With No Will
||With a Will
||With a Revocable Trust
(unable to handle your financial affairs
||Court control: Court appointee must keep detailed records, report to court, and usually post bond (even if appointee is your spouse). Court oversees financial affairs, approves expenses.
||Court Control: Same as with No Will
||No Court Control: Your successor Trustee manages your financial affairs according to your instructions for as long as necessary.
|Court Costs & Legal Fees
||Impossible to estimate. Court and attourney usually involved until you crecover or die.
||Same as No Will
||No Court Costs. Minimal legal fees if attourney assistance is desired.
||Probate: Court orders you debts paid and assets distributed in accord with state law.
||Probate: Debts paid and assets distributed according to your Will (if valid and no contests are successful)
||No Probate: Debts paid and assets distributed by Successor Trustee according to your Trust's instructions.
|Court Costs & Leagal Fees
||Your estate pays all court costs, legal and executor fees (often estimated at 4%-8% or more of an estate's value).
||Same as with No Will. Costs can increase if Will is contested.
||Usually none if no estate taxes. (Attorney can be helpful for larger estates).
||Usually 9 months to 2 years before heirs can inherit.
||Same as with no Will.
||Can be weeks(larger estates may take longer for estate tax filing).
|Flexibility and Control
||None: Court procedures, not your family, have control at incapacity and death. When you die, assets distributed according to state law (probably no what you would have wanted).
||Limited: Same as with No Will, except assets are sistributed when ou dies per your Will (if valid and no contests are successful). Wills can be changed until incapacity.
||Maximum: You can change /discontinue Trust until incapacity. Assets stay under control of your Trust, even at incapacity and after you death. More difficult than a Will to contest.
||None: Court proceedings are public record. Family can be exposed to disgruntled heirs, and unscrupulous solicitors.
||None: Same as with No Will
||Maximum: Revocable Trusts are not public record. Your family can take care of your financial affairs privately.
||Court control: Court controls inheritance, appoints Guardian. All decisions and financial transactions requeire court approval. Child receives full inheritance at legal age.
||Same as with No Will.
||Minimal Court Control: Trustee you select manages inheritance and provides funds for expenses until child reaches ag(s) you specify. Court approves Guardian, but has no control over inheritance.
|Court Costs & Legal Fees
||Impossible to estimate. Court and attorney usually involved until child reaches legal age. All costs paid from child's inheritance.
||Same as with no Will. Costs may be less with Children's Trust or Will.