Here is what happens with a will:

Here is what happens with a living trust:

Privacy

No privacy. All documents and proceedings after death are public.

Totally private unless court intervention is required, usually due to improper drafting or lack of funding.

Disability Planning

No provisions for mental or physical disability. The disabled person is subject to the court process for guardianship and conservatorship. This can be avoided through use of durable powers of attorney in conjunction with your will.

Trusts privately handle assets upon disability without court intervention. Disability is determined privately by family members or whatever standard you choose.

Tax Planning

Available only if assets are correctly titled to pass through the probate process. Funding of trusts through the probate process will generally take longer and cost more than funding a living trust.

If the trust is properly funded and continually updated for changes in the law and personal situations, tax planning is ensured. Funding of trusts is quicker and easier than trusts funded through the probate process.

Disposition of Assets

Can be used for disposition of assets upon death either outright to beneficiaries or in trust. This is done through the probate process and generally takes longer and costs more than a living trust.

Can be used for disposition of assets upon death either outright to beneficiaries or in trust. This is done privately and much faster because the probate process is avoided.

Here is what happens with a will:

Here is what happens with a living trust:

Effort Required

Less now unless you require tax planning and asset protection for your heirs; A great deal of work for your heirs after disability or death.

More effort to properly design the trust to accomplish all of your goals today, upon disability and after death. Far less effort by heirs later.

Cost Today

Less expensive ($850-$2000)

More expensive ($2,500 to $4,000)

Cost to Amend

Small

Small

Costs Later (when you die or become incapacitated)

Legal fees to do a succession start at $1,500 for a very simple succession.  For larger estates, could be much higher ($5,000 to $10,000)

Usually minimal if trust is properly funded and maintained.  Estate may need legal advice with respect to trust administration, and some affidavits may have to be filed in court records.

(usually under $1,000 unless substantial help is needed or the trust is not properly funded.)

 Large qualified retirement plans (IRA, 401k, 403b, etc.)