James A Wickre Attorney

James A Wickre Attorney
Let me help you develop an estate plan that fits your needs.

Thursday, April 17, 2014

Should you have just a Will or a Living Trust ?


 
 
WITH NO WILL
 
WITH A WILL
 
WITH A LIVING TRUST
 
IF YOU BECOME
MENTALLY IMPAIRED
The court in your county
appoints a conservator
for your property
and a guardian for you.
 
Same as not having a will, a Will directs
affairs only after your
death.
Trustee you have named
oversees your trust property
without court action.
WHEN YOU DIE
Property in your name –
probate property – is
distributed according to
state laws of intestate
succession in Probate
Probate property
distributed through Probate as  laid
out in the Will –
with a few limitations.
 
 
You avoid probate court and it's cost. Property distributed as per trust
 
PROBATE COSTS
Your estate goes into Probate if large enough .Minimum of $3000 to $20,000 or more.
 
.
A WILL DOES NOT
AVOID PROBATE.
 
No probate costs. 
 
PRIVACY
Court’s handling of your
estate is open to public
inspection.
Your Will’s trip
through probate is
public record.
A living trust is not a public
document.
IF YOU CHANGE
YOUR MIND
No one will know because
you haven’t left any
plan to go by.
You can revoke it
totally or change
it with a codicil.
You can revoke the trust
totally or amend it.

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