Critic’s Guide to Estate Planning Tools

Film critics like to rate movies on a star system, with four stars being the best and one or zero stars the worst. The chart below assesses wills, revocable living trusts, joint and survivor ownership, beneficiary designations and “intestacy” (the will the state has written for residents who haven’t gone to the trouble).

We hope that all our readers will choose one or both of the “four-star” techniques. Your thoughtful will is an integral part of your total estate plan, even if you have a living trust. Total coordination of all your assets – your life insurance, jointly owned property, retirement benefits, everything you own – is absolutely vital to a smooth-working estate plan. Remember that your life insurance and jointly owned property will pass independently of your will. You must relate each estate planning tool to the others to achieve your objectives.

 

Good, Bad and Ugly Ways to Leave Your Estate

 
Flexibility
and Control
Avoids Tax
Probate
Saving
Potential
Provide for
The Fellowship
Will:
* * * *
No
* * * *
* * * *
Living Trust:
* * * *
Yes
* * * *
* * * *
Joint/Survivor
Arrangements:
* *
Yes
*
*
Beneficiary
Designations:
* * *
Yes
* *
* * *
Intestacy:
(State Decides)
No stars
No
No stars
No stars

 


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