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