Estate Planning Summary

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The following Estate Plan Summary table illustrates the very minimum considerations that must be given in planning one’s estate. The subsequent “Don’ts and Do’s” slides warn of the main pitfalls to be avoided.

What You Want to Accomplish No Will Basic Will Living Trust AB Trust QTIP Trust
Selectivity




Permits you to select the beneficiaries of your estate No Yes Yes Yes Yes
Permits you to select the executor of your will No Yes Yes Yes Yes
Permits you to select the trustees of your trust No No Yes Yes Yes
Permits you to select the guardians for your children No Yes Yes Yes Yes
Probate




Avoids the time-consuming and expensive probate process No No Yes Yes Yes
Timing of Distributions




Permits distribution of assets in stages rather than outright at the age of 18, e.g. 1/3 at 21, 25, etc. No No Yes Yes Yes
Protection




Prevents conservatorship of estate owner No No Yes Yes Yes
Protects beneficiaries’ assets from creditors No No Yes Yes Yes
Estate Taxes No No No Yes Yes
Assists married couples in reducing estate taxes No No No Yes Yes
Asset Preservation




Allows the first spouse to die to name beneficiaries of his or her assets while permitting the surviving spouse to utilize the assets and while still deferring estate taxes No No No No Yes

These are bare minimum considerations that need to be given to an estate plan.

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