How They Stack Up: The Side-by-Side Comparison

PRIVACY
Wills No privacy. All documents and proceedings after death are public.
Revocable Living Trusts
Totally private unless court intervention is required, which could be due to improper drafting or failure to transfer assets into the trust.
DISABILITY PLANNING
Wills Only come into effect upon your death. If you become incapacitated, a public court proceeding might be needed to name someone to manage your assets.
Revocable Living Trusts
Seamless, private transition of asset management upon incapacity. Incapacity is determined privately by family members and/or doctors.
DISPOSITION OF ASSETS
Wills Can be used to distribute assets upon death either outright or to beneficiaries in trust. Must go through the public probate process, which can be time-consuming.
Revocable Living Trusts
Can be used for disposition of assets upon death either outright or to beneficiaries in trust. Done privately and quickly because probate process is avoided. No public record of beneficiaries.
CREDITOR PROTECTION
Wills None while alive. Creditors of the estate have up to six months to present claims or they are forever barred.
Revocable Living Trusts
None while alive. No creditor “shut off” period. Most trusts provide that valid claims against the estate be paid.
EFFORT REQUIRED
Wills Less up front, but more for your heirs upon your disability or death.
Revocable Living Trusts
More effort to properly design your trust and properly transfer your assets to it in order to accomplish all of your goals today, both upon your incapacity and death. Much less effort by heirs later.
COST NOW
Wills Usually low to moderate expense.
Revocable Living Trusts
Somewhat higher than a will to set up trust.
COSTS TO AMEND
Wills Usually small.
Revocable Living Trusts
Usually small.
COST LATER
Wills Court costs, attorney’s fees, appraisal costs, etc.
Revocable Living Trusts
Some attorney’s fees and/or CPA fees to administer the transition to the new trustee.

Contact the Law Office of N. Nora Nye. LLC for more information on our low flat fee (most cases – $3,500) Revocable Living Trust which includes important documents such as Powers of Attorney and a Living Will. We have no added fees and you can change or revoke your trust at anytime for free. Furthermore, our clients have easy access to their documents with an outside document storage company at no extra charge! Contact us today!