A few Alternatives to Estate Planning

Estate Planning Alternatives

PLANNING
ALTERNATIVES:

INTESTATE SUCCESSION
(NO WILL)

JOINT
TENANCY

LIFE
INSURANCE

SIMPLE
WILL

TESTAMENTARY
TRUST
(IN A WILL)

UNFUNDED
LIVING TRUST

FUNDED
LIVING TRUST

Avoids probate
at death of
first spouse
NO
NO
SOMETIMES
NO
NO
NO
YES

Avoids probate
at death of
second spouse
NO
NO
NO
NO
NO
NO
YES

Provides
maximum
tax savings
NO
NO
NO
NO
SOMETIMES
SOMETIMES
YES

Avoids Living
Probate
NO
NO
NO
NO
NO
NO
YES

Provides family
privacy
NO
NO
SOMETIMES
NO
NO
NO
YES

Establishes trust for beneficiaries
NO
NO
NO
NO
SOMETIMES
SOMETIMES
YES

Permits testing
during life
NO
NO
NO
NO
NO
NO
YES

Prevents
attachment of
beneficiary's
assets
NO
NO
NO
NO
SOMETIMES
SOMETIMES
NO YES


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