How you can avoid probate, save taxes and more with living trusts, "Never put your trust in money...Always put your money in a Trust" A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, control all of your assets, and prevents the court from controlling your assets at incapacity. The chart below compares the benefits of a living trust over a will: With No Will With a Will With a Living Trust At Incapacity (Unable to handle your financial affairs) Court Control: Court appointee oversees your care, must keep detailed records, reports to court, and usually must post bond (even if appointee is your spouse). Court approves all expenses, oversees financial affairs. Court Control: Same as no will. No Court Control: Your successor manages your financial affairs according to instructions in your trust for as long as necessary. (In some states, court intervention may be required for health care decisions.) 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 are unsuccessful). No Probate: Debts paid and assets distributed by successor trustee according to instructions in your trust Court Costs, Legal & Executor Fees At Death: Often estimated at 3-8% of estate's value. At Incapacity: Impossible to estimate. Same as no will. Costs can increase if will is contested. At Death: Usually none if no estate taxes. At Incapacity: None. (Attorney can be helpful for larger estates.) Time At Death: Usually 9 months to 2 years before heirs can inherit. At Incapacity: Court involved until recovery or death. Same as no will. At Death: Usually just weeks (larger estates may take longer for estate tax filing). At Incapacity: No delays. Flexibility & Control None: Court process, not your family, have control at incapacity and death. When 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 (if valid and any contests are unsuccessful). You can change your will at any time. Maximum: You can change/discontinue your trust at any time. Assets stay under control of your trust, even at incapacity and after your death. More difficult than a will to contest. Privacy None: Court proceedings are public record. Family can be exposed to disgruntled heirs, unscrupulous solicitors. None: Same as no will. Maximum: Living trusts are not public record. Your family can take care of your financial affairs privately.       Disclaimer: Park Insurance will never share nonpublic personal information to non-affiliated third parties for purposes other than those that are permitted by law.