Charles Jerome Ware, Attorneys & Counselors, LLC, is a premier Maryland-based national estate planning law firm. For an initial courtesy consultation, contact us at (410) 730-5016 or (410) 720-6129.
A Simple Comparison of Wills and Trusts
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A. Wills
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B. Living Trusts
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(1)
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Delays of Probate
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X
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Avoids Delay - Trust Continues, No Probate
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(2)
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X
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Generally Less Time & Expense to Establish
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Generally More Time & Expense to Establish
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(3)
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X
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Minimal Time & Expense to Manage after Plan
Established
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More Time & Expense Manage after Trust Established
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(4)
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Estate Taxes: Due & Owing
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Estate Taxes: Due & Owing
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(5)
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X
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Still Control Assets
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Trust Controls Assets
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(6)
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No Oversight of Manager, Trustee, While Alive
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X
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Oversight Trustees, Money Managers while alive
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(7)
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Will Contests Increasingly Common
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X
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No Will to Contest
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(8)
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Wills are Public Record
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X
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No Publicity; Trust is a private document (confidential)
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(9)
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3-10% Probate Costs
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X
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Minimal Probate Costs
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[And see, "Every Adult Should Have A Will (also known as "Last Will And Testament," pp. 58-60, Understanding the Law: A Primer, by Attorney Charles Jerome Ware]
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