Will Living Trust 1. If you become incapacitated during your lifetime Normally, a court supervised guardian or conservator will be appointed to handle your finances, payment of expenses, etc. You can name a successor trustee to step in to manage your assets, pay bills, etc., without court involvement. Upon your death Controlled by state law which usually will require a probate proceeding to manage and account for assets, supervise sales and payment of debts, and make distributions to heirs as determined under state law. Delay is often 1 to 2 years, depending on state law.
Delays are minimal and usually depends on the type of assets involved in the trust.
No opportunity to plan for tax savings. Trusts are not made part of the public record and thus, maximum privacy is maintained. You can amend or revoke your Will at any time, thus controlling distributions, executors, etc. You can amend or revoke your trust during your lifetime. Contestability Heirs or others may file adverse claims in probate.