E S T A T E P L A N N I N G
A L T E R NA T I V E S
| Planning Alternatives | Intestate Succession (No Will) |
Joint Tenancy | Life Insurance |
| Avoids probate at death of first spouse | NO | NO | SOME TIMES |
| Avoids probate at death of second spouse | NO | NO | NO |
| Provides maximum tax savings | NO | NO | NO |
| Avoids Living Probate | NO | NO | NO |
| Provides family privacy | NO | NO | SOME TIMES |
| Establishes trust for beneficiaries | NO | NO | NO |
| Permits testing during life | NO | NO | NO |
| Prevents attachment of beneficiary's assets | NO | NO | NO |
| Planning Alternatives | Simple Will | Testa- mentary Living Trust | Unfunded Living Trust | Funded Living Trust |
| Avoids probate at death of first spouse | NO | NO | NO | YES |
| Avoids probate at death of second spouse | NO | NO | NO | YES |
| Provides maximum tax savings | NO | SOME TIMES | SOME TIMES | YES |
| Avoids Living Probate | NO | NO | NO | YES |
| Provides family privacy | NO | NO | NO | YES |
| Establishes trust for beneficiaries | NO | SOME TIMES | SOME TIMES | YES |
| Permits testing during life | NO | NO | NO | YES |
| Prevents attachment of beneficiary's assets | NO | SOME TIMES | SOME TIMES | YES |
