PLANNING
ALTERNATIVES:

INTESTATE  SUCCESSION
(NO WILL)

JOINT
TENANCY

LIFE
INSURANCE

SIMPLE
WILL

TESTAMENTARY
TRUST 
(IN A WILL)

UNFUNDED
LIVING  TRUST 

FUNDED
LIVING TRUST 

 Avoids probate
at death of
first spouse

NO

NO 

SOMETIMES

NO

NO 

NO

YES

Avoids probate
at death of
second spouse

NO

NO

NO

NO

NO

NO

YES 

 Provides
maximum
tax savings

NO

NO 

NO

NO 

SOMETIMES

SOMETIMES

YES

Avoids Living
Probate 

NO

NO 

NO 

NO 

NO

NO 

YES 

 Provides family
privacy

NO

NO

SOMETIMES

NO 

NO 

NO

YES

 Establishes trust for beneficiaries

NO

NO

NO 

NO

SOMETIMES

SOMETIMES

YES 

 Permits testing
during life

NO

NO

NO

NO 

NO

NO

YES

 Prevents
attachment of
beneficiary’s
assets

NO 

NO 

NO

NO 

SOMETIMES

SOMETIMES

YES