WITH NO WILL | WITH A WILL | WITH A TRUST | |
At Incapacity (unable to handle your financial affairs) | Court Control: Court appointee oversees your care, must keep detailed records, report to the court and usually post a bond (even if appointee is your spouse). Court oversees and approves all expenses & financial affairs. | Court Control: Same as no Will. | No Court Involvement. The named successor trustee manages your financial affairs and distributes your estate according to the instructions I your Trust. |
At Death | Probate: Court orders your debts paid and assets distributed according to state law. | Probate: Same as no Will, but assets distributed per your will (if valid and any contests unsuccessful | No Probate. Debts paid and assets distributed by named successor trustee pursuant to Trust provisions. |
Costs: Court, Legal and Executor | Death: Estimated 3-8% of estate’s value. Incapacity: Costs increase due to additional oversight | Same as no Will. Costs may increase if Will is contested. | Minimal or no court costs. Reduced legal fees. |
Time | Death: Usually 6 months to 2 years. Can be longer if sale of real property involved. Incapacity: Court involved until recovery or death. | Same as no Will. | Death. Assets distributed and debts paid within a short period of time unless Trust specifies payment to an heir/beneficiary over time. Complex estates may take longer for tax returns. Incapacity. No delays. |
Flexibility & Control | None: Court processes, not your family; you have no control at incapacity or death. Whey you die assets are distributed according to state law. | Limited: Same as no Will, except when you die assets are distributed according to your Will. | Maximum. You may change or terminate your Trust at any time. Assets remain in your Trust regardless of incapacity or death. |
Privacy | None. Court proceedings are public. | None. Same as no Will. | Maximum. Trusts are not public. Your estate and distribution of assets remains private. |