Legacy Planning
Wills, Trusts, & Bequest
Living Will Vs.
Living Trust:
Differences, Pros & Cons
Living Will
Table of Contents
Dear Friends, as you contemplate the future and how to best manage your resources, remember that estate planning, including drafting a will, is a key aspect of leaving a lasting impact.
This could be the most significant gift you will be able to transfer to your family. That's where our dedicated legacy planning team steps in. They're ready to guide you through the complexities of preparing, planning, and managing your assets effectively. For those with young ones, this includes arrangements for their guardianship.
Your legacy planning isn't just about the here and now; it reaches into the future, allowing your contributions to support your mission of protecting what rightfully belongs to you and your family.
Estate and Will Creation
Your will is a crucial legal tool that ensures your estate is managed according to your wishes, providing security for your family and loved ones. Without a will, the state where your assets are located will dictate how your estate is handled. To kickstart your estate planning, we suggest using our Personal Data Sheet.
The consequences of not having a will include:
Your assets will be distributed without your input.
The inheritance distribution will be determined by the court
Guardianship of your minor children will be decided by the court.
Part of the will-making process involves appointing an executor. This person is responsible for executing your wishes as outlined in your will. To better understand the executor's role, we encourage you to use our Executor/Trustee Information Brochure.
We recognize, however, that a will might not suit everyone's needs. For instance, a will does not not avoid probate when you pass, and must be validated by the probate court before it can be enforced. We suggest exploring Living Trusts as an alternative to make the most informed choice for your situation.
If you're considering drafting your Last Will and Testament, we invite you to thoughtfully include a contribution to your foundation or a foundation/charity/cause of your choosing, doing so, you are extending your legacy of giving beyond your lifetime. This allows you full control over your assets while you're alive (most importantly too, right, while you're still living?) and ensures a meaningful gift from your estate afterward.
Below, you'll find suggested wording to include in your Last Will and Testament.
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Living Trust:
There are times when a simple will is not enough. A revocable living trust offers several advantages, like flexibility, privacy, and the ability to tailor it to your specific goals. This type of trust not only allows for the management of your assets during your lifetime but also allows your heirs to avoid the hassles of probate and to distribute your assets quickly.
Here's why you may wish to avoid probate:
Probate can diminish your assets by 2-12% due to various fees.
The process can delay the transfer of assets to your heirs, sometimes taking up to a year.
Probate makes your financial details public.
Probate* is essentially a court-supervised procedure where your assets are transferred from your name to your heirs, as per your will. Unfortunately, even with a will, your estate would still undergo probate. A revocable living trust, however, bypasses these probate hassles, keeping costs, delays, and public exposure at bay.
A living trust allows you to use and manage your assets while you're alive, with decisions made by the trustee(s). In the event of your death, any charitable donations or specific instructions you've set within the trust for asset distribution are executed by the trustee(s), without the need for probate.
Moreover, a trust offers protection in case of physical or mental incapacity. Unlike a will, where the courts step in during such incapacities, a trust allows your co-trustee or the trust document to manage your assets, avoiding court intervention.
If incapacitated and unable to manage your affairs, and if you only have a will, the court will appoint someone to act on your behalf. This court involvement often continues until recovery or death, with the court, not your family, deciding how to use your assets for your care.
Opting for a living trust can bring significant benefits for you and your family:
Avoids probate upon death, even for out-of-state properties.
Keeps assets away from court control in case of incapacity.
Consolidates all assets under one plan.
Ensures maximum privacy.
Allows assets to stay in trust until you choose for them to be inherited.
Can reduce or avoid estate taxes.
Flexible – can be altered or revoked any time.
Harder to challenge, ensuring your wishes are followed.
Prevents court involvement in managing minors’ inheritances.
Suitable for dependents with special needs.
Offers peace of mind knowing your estate is well-managed.
*Probate, briefly put, is the legal process where the court ensures your debts are paid and assets distributed as per your will upon death. Without a valid will, state laws dictate the distribution. Probate can be expensive—legal fees, executor fees, court costs and other fees must be paid before your assets can be fully distributed to heirs. If property is owned in other states, your family could encounter multiple probates, each according to the laws of that state.
Sample Bequest Language
Bequest are Gifts that are made as part of a will or trust
Fixed Dollar Amount:
I give, devise, and bequeath {Charity of Choice, COC}, a nonprofit organization located in {location} or its lawful successor, the sum of $_______ to be used as determined by its Board of Directors in furthering its mission and supporting its goals.
Percentage of Estate Language:
I give, devise, and bequeath _____% to , a nonprofit organization located in {location. Town, State} or its lawful successor to be used as determined by its Board of Directors in furthering its mission and supporting its goals.
Residual Bequest Language:
After all your estate expenses and specific bequests have been distributed, the remaining or residual funds are given to {Charity of Choice, COC}.
I give, devise, and bequeath to {Charity of Choice, COC}, a nonprofit organization located in {location, Town, State} or its lawful successor, all (or a certain percentage) of the rest, residue and remainder of my estate, both real and personal to be used as determined by its Board of Directors in furthering its mission and supporting its goals.
Contingent Bequest Language:
You may designate {Charity of Choice, COC} as a contingent beneficiary if one or more of your specific bequest wishes cannot be fulfilled.
If(insert name) is not living at the time of my demise, I give and devise to {Charity of Choice, COC} a nonprofit organization located in {location, Town, State,} or its lawful successor, the sum of $______ (or all or a percentage of the residue of my estate) to be used as determined by its Board of Directors in furthering its mission and supporting its goals.
Include This Paragraph with Your Specific Bequest Language:
{Charity of Choice, COC} is a nonprofit organization and is qualified for tax exemption under Section 501(c)(3) of the Internal Revenue Code. {COC} tax identification number is 00-0000000.
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Executor / Trustee Information Brochure
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Executor / Trustee Information Brochure
What are people saying about your business online? 72% of U.S. consumers said they research companies through social channels before making purchases
Living Trust for Everyone
By, Ronald Sharp
Why a ill is not the way to avoid probate, protect heirs and settle estates.
This 2nd Edition - is the faq's & appendix that provides you forms and letters. This is the supplemental to the book.
Trust, Statutory vs Non Statutory
This document explains the nuances of common law trusts versus statutory trusts, emphasizing the autonomy and protection common law trusts offer from state regulation and taxation. It outlines their uses for asset protection, privacy, business operations, and generational wealth preservation, stressing the importance of choosing irrevocable trusts for maximum security and the critical role of professional trust administration to avoid legal pitfalls. The text critiques the government and financial institutions' skepticism towards common law trusts, advocating for informed decision-making and professional guidance in trust establishment and management.
Extended Resources
The history of trusts spans over 2,000 years, originating in Roman times to circumvent inheritance restrictions, then evolving in England to address land transfer issues under feudal law. This legal innovation allowed for the protection and succession of property, expanding rights and providing a means to manage wealth across generations. Trusts have adapted over centuries, influencing business structures and estate planning, demonstrating their enduring utility and flexibility in both personal and commercial contexts. For a detailed exploration, click on the above link.
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