How is a living trust different than a will?

Living trust planning provides advantages over wills and three of them are:

 1.  Privacy
 – Trusts are private instruments.  Wills are filed in the counties where a decedent lived at death.  Trusts are not filed with
 the court at death. 2.  Probate Avoidance 
- Properly funded trusts (when assets are titled to the trust) avoid the need for Probate after involvement.  Wills often guarantee probate.  A small estate (less than $63,000) can use a
 small estate affidavit instead of probate. 3.  Disability Planning 
- A properly drafted trust may avoid a conservatorship process upon a disability because a trust provides for planning instructions for the management of your property and finances in the event of your disability.  You name the Trustee
 that will act in the event of disability.  This is often a family member. A will does not contain any “above ground”
 planning fordisability.

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We were very pleased with the level of expertise available at Davis Schilken. It enabled us to feel confident that we were presented all options. The process was efficient and allowed us to complete our estate planning effectively and efficiently. - W&L R.
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