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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