shapeType75fBehindDocument1pWrapPolygonVertices8;4;(21498,0);(0,0);(0,21479);(21498,21479)posrelh0posrelv0pib

		A COMPARISON AT A GLANCE 			
	WITH No WILL 		WITH A WILL 			WITH A LIVING TRUST 	
At Incapacity* 	CourtContro!" Court appointee must keep 	Court Contro!" Same as with no will. 	No Court Control Your successor trustee 	
(unable to 	detailed records, report to court, and 					manages your financial affairs accord- 	
handle your 	usually post bond (even if appointee is 					ing to your instructions for as long as 	
financial 	your spouse). Court oversees financial 					necessary. 	
affairs) 	affairs, approves expenses. 							
Court COJts & 	Impossible to estimate. Court and 	at- 	Same as with no will. 			Usually no court costs. Reduced legal 	
LegaiFees 	torney usually involved until you recover 					fees. (Some attorney assistance will be 	
	or die. 								helpful.) 	
At Death 	Probate: Court orders your debts paid 	Probate: Debts paid and assets dis- 	No Probate: Debts paid and assets dis- 	
	and assets 	distributed 	according to 	tributed according to your will (if 	tributed by successor trustee according 	
	state law. 				valid and no contests are successful). 	to your trust's instructions. 	
COUtt Costs & 	Your estate pays all court costs, legal and 	Same as with no will. Costs 	can In- 	Usually no court costs. Reduced legal 	
Legal~ee.r 	executor fees (often estimated at 3-8 	crease if will is contested. 			fees (minimal for small estates; larger/ 	
	or more of an estate's value). 						complicated estates require more). 	
Time 	Usually nine months to two years 	or 	Same as with no will. 			Can be just weeks. Larger estates may 	
	longer before heirs can inherit. 						take longer for estate tax filing, division 	
									of assets into new trusts. 	
Flexibility 	None: Court procedures, not your fam- 	Limited: Same as no will except 	as- 	Maximum: You can change/ discontinue 	
and Control 	ily, have control at incapacity and death. 	sets are distributed when you die ac- 	trust until incapacity. Assets stay under 	
	When you die, assets are distributed ac- 	cording to your will (if valid and no 	control of your trust, even at incapacity 	
	cording to state law (probably not what 	contests are successful). Will can be 	and after your death. More difficult than 	
	you would have wanted). 		changed until incapacity. 			a will to contest. 	
Privacy 	None: Court proceedings are public 	None: Same as with no will. 			Maximum: Living trusts are not public 	
	record. Family can be exposed to dis- 					record. Your family can take care of 	
	gruntled heirs, unscrupulous solicitors. 					your financial affairs privately. 	
Minor Child 	CourtContro!" Court controls inheritance, 	Court Contro!" Same as with no will. 	Minimal Court Control: Trustee you select 	
	appoints guardian. All decisions and 	Children's 	trust in a will provides 	manages inheritance and provides funds 	
	financial transactions require court ap- 	limited protection, but will must be 	for expenses until child reaches age(s) 	
	proval. Child receives full inheritance at 	probated first and cannot go into ef- 	you specify. Court approves guardian, 	
	legal age. 				fect at your incapacity. 			but has no control over inheritance. 	
Court Costs & 	Impossible to estimate. Court and attor- 	Same as with no will. Costs may be less 	Minimal. Legal fees only as attorney is 	
Legal Fees 	ney usually involved until child reaches 	with children's trust in a will. 			needed/ desired. (Some attorney assis- 	
	legal age. 	All costs paid from child's 					tance can be helpful.) 	
	inheritance. 									
* Advance directive for health care/health care proxy can prevent court interference in medical decisions. 
FOR MORE INFORMATION: The information in this bookletisfrom the book, 'Understanding Living Tru.rts,®" by Vickie Schumacher. It is written in the 
same clear, conversational EngErh (no legalese). To obtain a copy, contact your local bookstore. To speak with someone about a living trust or for advice regardingyour 
personal situation, contact the professiona! Jvho gave you ibis booklet. 
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. 
It is sold with the understanding that the authors and the publisher are not engaged in rendering legal. accounting or other professional service. 
If legal advice or other expert assistance is required, the services of a competent professional person should be sought. 
All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including 
photocopying, 
recording, or by any information storage and retrieval system, without permission in writing from the publisher. 
The publisher actively polices the misuse and illegal misappropriation of its publications. 
"Understanding Living Trusts" is a registered trademark of Schumacher Publishing, Inc. 
Copyright © 1989-2011 by Schumacher Publishing, Ine. 
2023 Phalarope Court. Costa Mesa CA 92626 1-800-728-2665 
wwwesrnreplanning.com 
Printed in the United States of America 1/11