| Estate
Plans Compared |
No
Will or Trust |
Will
Only |
Living
Trust |
Estate
Tax Trust |
| Can
I avoid probate? |
No |
No |
Yes |
Yes,
if funded during your life |
| Can
I reduce/avoid federal estate taxes? |
No |
No |
No |
Yes |
| Will
my estate stay private when I die? |
No |
No |
Yes |
Yes,
if funded during your life |
| Can
I keep inheritance from my heirs until they
reach age 30 or older? |
No |
No |
Yes |
Yes |
| Can
I arrange to have funds managed for the benefit
of an heir who is handicapped or otherwise
unable to handle funds? |
No |
No |
Yes |
Yes |
| Can
I make sure my grandchildren will receive
my estate after my children die, excluding
spouses of my children? |
No |
No |
Yes |
Yes |
| Can
I leave assets to children from an earlier
marriage, cutting out present spouse? |
No |
No |
Depends
on the state |
Depends
on the state and how trust is set up |
| How
long should it take after my death until
all assets are distributed and the estate
is closed, assuming all goes well? |
6
mo. - 2 yr. |
6
mo. - 2 yr. |
2
- 9 mo. |
9
mo. - 2 yr. |
| Can
I retain control over my assets while I'm
alive? |
Yes |
Yes |
Yes |
Depends
on how trust is set up |
| Can
I change/revoke the plan? |
N/A |
Yes |
Yes |
Depends
on how trust is set up |
| Does
the plan provide for someone to handle my
finances if I become disabled? |
No |
No |
Yes |
Yes,
if funded during your life. |
