A will effects all assets that belong to you at the time of your death. You can designate alternate fiduciaries and alternate beneficiaries, which is difficult to do effectively under contract beneficiary designations and impossible to do under any form of joint ownership with a right of survivorship. A will is simpler than a revocable living trust, and is usually significantly less expensive to have professionally prepared. Because many attorneys expect to make money probating your will, their fee or hourly rate for will preparation may be less than their rate or fees for other legal work. After the will is probated and the administration of the probate estate is complete, the testamentary trust receives the assets allocated to it.
Testamentary trusts are subject to continuing court supervision beyond the probate proceeding.
This results in continuing costs until the beneficiaries' shares are finally distributed. A will does not alleviate the need for a guardian and will require probate upon your death. If you become unable to take care of yourself or your assets, your will can name the guardian, but it does not alleviate the court-supervised guardianship proceeding. Upon your death, probate proceedings are required to transfer those of your assets which do not pass directly by law or contract. Court costs, executors' commissions, and attorneys' fees can consume five to seven percent of an estate, and even an uncontested probate takes about six months to complete.