Living/Management Trusts provide many general benefits over wills, plus some very specific benefits if you are incapacitated or at death. Use these charts to compare the peace of mind a Living Trust offers versus a simple will.

IN GENERAL	with a will...	with a living/management trust...
FLEXIBILITY & CONTROL	Court procedures, not your family, have control at incapacity and death. When you die, limited assets are distributed per your Will (if valid and no contests are successful). Will can be changed until your incapacity.	Maximum. You can change/discontinue Trust until incapacity. Assets stay under control of your Trust, even at incapacity and after your death. More difficult to contest than a will.
PRIVACY	None. Court proceedings are public record. Many are on the Internet. Family can be exposed to disgruntled heirs, unscrupulous solicitors.	Maximum. Living trusts are not public record. Your family can take care of your financial affairs privately.
MINOR CHILD/ COURT CONTROL	Court controls inheritance, appoints guardian. All decisions and financial transactions require court approval. Child receives full inheritance at legal age. Children's trust in a Will provides limited protection, but the Will must be probated first and cannot go into effect at your incapacity.	Minimal court control. LFSW manages inheritance and provides funds for expenses until children reach age(s) you specify. Court approved guardian, but cannot overrule your choice of Trustee and has no control over inheritance.
MINOR CHILD/ COURT & LEGAL COSTS	Court and attorney usually involved until child reaches legal age. All costs are paid from child's inheritance, but may be less with children's trust in will.	Minimal.

AT INCAPACITY	with a will...	with a living/management trust...
COURT CONTROL	Court appointee (conservator/guardian) must keep detailed records, report to court, and usually post bond (even if appointee is your spouse). Court oversees financial affairs, approves all expenses.	None. LFSW manages your financial affairs according to your instructions for as long as necessary.
COURT/LEGAL COSTS	Court and attorney usually involved until you recover or die.	No court costs. Minimal legal fees if attorney assistance is desired.

AT DEATH	with a will...	with a living/management trust...
PROBATE	Will must be probated, then debts paid and assets are distributed according to your will (if valid and no contests are successful).	No probate. Debts are paid and assets distributed to Beneficiaries by LFSW according to your Trust's provisions.
COURT/LEGAL COSTS	Your estate pays all court costs, legal and executor fees (often estimated at 3-8% or more of an estate's value).	Usually none if there are no estate taxes, but an attorney can be helpful for larger estates. LFSW is entitled to a reasonable fee.
TIME	Usually 9 months to 2 years before distribution.	Just weeks in many states.

Your LFSW consultant can answer any further questions you might have and develop specific illustrations for your personal estate planning needs and goals.

For a no-cost, no-obligation consultation in the privacy of your home, please complete the free offers page on this website or call 1-800-424-0447.