Last Will & Testament
Not subject to probate proceedings.
Avoids the cost of a second-state probate proceeding where there is out-of-state property if title is transferred to trust.
No automatic court supervision.
The grantor manages the Trust assets transparently.
Makes provisions for a successor trustee to take over in the event of death or incapacity.
Costs more if prepared by an attorney. Trust must be funded and managed. Costs are recouped by inheritance tax savings.
A Pour-over Will should be used in conjunction with a Living Trust. The Pour-over Will will transfer remaining assets into the trust after taxes are paid.
Trust avoids probate costs.
Subject to Probate Proceedings.
Out-of-state property requires probate proceedings in the state in which property is located. This may involve simultaneous probate proceedings in two or more states.
Provides court supervision for handling beneficiary challenges and creditor disputes.
Becomes public record at the time of your death.
A Power of Attorney is needed to manage assets.
Costs less to prepare a Will than a Trust, however, there are probate costs involved with a Last Will and Testament.