Take this quick quiz to determine whether a will based estate plan or a revocable living trust is best for you.
True or False?
I do not own any real estate.
I have never been remarried.
I do not have minor children.
I do not have step children.
I do not own a business.
None of my potential beneficiaries have issues with money management or suffer from addictions.
I am not concerned about privacy and do not mind if my assets and liabilities become public record.
None of my potential beneficiaries have special needs or receive government assistance.
I only own one piece of real estate.
Having a guardian appointed to take care of me during my incapacity is my preference because I prefer a court oversight.
None of my beneficiaries will try to contest my decisions.
Delays and expense of probate court are of no concern to me.
If all 12 were responses were true: you are best suited for a will based plan.
A will based plan does not keep you out of court. If privacy and delay are not your top concerns, you do not own multiple properties, you have no concerns about your beneficiaries inheriting from you and you do not own a business, then please select the will based plan.
If you answered false to any of the statements above, then you may need to consider the benefits of a revocable living trust.
A trust based plan is better incapacity planning because you do not have to solely rely on power of attorney documents that may not be accepted. It is also a probate avoidance tool which makes it easier on your loved ones. You can provide more control over how and when your beneficiaries inherit and best of all... it's private and so are the assets in it. Learn more..