If you’re considering creating an estate plan you’ll need to understand the difference between a will and a revocable living trust. We frequently get questions from potential clients on this issue so we have created the chart below to help provide some clarity. As you can see from the chart below, the key differences between the two are the avoidance of probate proceedings and the ability to plan and control assets during incapacity.
COMPARISON OF
REVOCABLE LIVING TRUST
VS.
LAST WILL AND TESTAMENT
Revocable Living Trust
Last Will and Testament
Name Beneficiaries for you property
x
x
Name a guardian for your children
x
x
Requires transfer of property
x
Keep privacy after death
x
Requires probate proceedings
x
Provides for your care during incapacity
x
Provides for Tax Planning
x
x
Trust Protector
x
x
Special Needs Planning
x
x
Avoid out of state probate proceedings
x
Reduce probate costs
x
Reduce estate administration time
x
Requires additional cost after documents are executed
x
Ability to amend or change terms
x
x