Common Examples

Will: A document effective upon the testator’s death, covering all owned property and implemented through probate.

Living Trust: A revocable document to avoid probate by transferring asset titles to the trust.

Joint Tenancy: Co-ownership of property, where the survivor inherits the deceased’s share automatically.

Estate Tax: A tax on the decedent’s property, based on its fair market value at death or an alternate valuation date.

Will vs. Living Trust
Both wills and living trusts offer tax planning and family planning opportunities, but differ in probate costs and maintenance. While living trusts avoid probate, they require initial setup and ongoing management. Wills are simpler but involve probate costs.