|
Comparison
of Wills & Revocable Living Trusts
The
following table demonstrates many of the differences between Wills and
Revocable Living Trusts. For more information regarding your personal
situation please contact
Lena
Barnett & Associates L.L.C.
Wills
|
Revocable Living
Trusts
|
|
|
Can be used to plan
for death tax. |
|
|
Lifetime income tax
neutral. |
|
|
Are only effective
at death. |
|
|
May not control all
property. |
|
|
Do not take care of
you. |
|
|
Are public. |
|
|
Involve complex
legal rules. |
|
|
Are hard to change. |
|
|
Are not viable
interstate. |
|
|
Must go through
probate. |
|
|
Should be stored
properly. |
|
|
Easy for disgruntled
heirs to attack. |
|
|
Stops affairs at
death. |
|
|
Do not allow you to
measure trustees while you are alive. |
|
|
|
Can be used to plan for death
tax. |
|
|
Lifetime income tax neutral. |
|
|
Are effective immediately. |
|
|
One receptacle for your
property. |
|
|
Take care of you. |
|
|
Offer privacy. |
|
|
Are easy to create and maintain. |
|
|
Are easily changed. |
|
|
Are good in every state. |
|
|
Are probate free. |
|
|
Are easily stored. |
|
|
Are difficult to attack. |
|
|
Offer continuity in your
affairs. |
|
|
Allow you to measure trustees
while you are alive. |
|
This
information was prepared by Lena Barnett & Associates, LLC and is intended
only to provide general information. It is neither offered nor intended for
use as legal advice, nor is it a substitute for a consultation with an
attorney.
© 1994-2004 Lena Barnett & Associates, L.L.C. All Rights
Reserved |
