Estate Planning, Probate & Elder Law Attorneys

» Wills with Testamentary Trusts

I usually talk about estate planning in terms of two different approaches:

Simple: having a simple Will, where you give away all of your property outright

vs.

More involved: having what's known as a pourover Will and a separate living trust. You give your property away in your living trust -- you leave it to a trustee, who holds it for one or more beneficiaries

But there's also a middle way, which involves having only a Will, but incorporating trusts into that Will. This is known as having a Will with a testamentary trust. What's the drawback to this approach, and why isn't it more popular?

Well, when I talk about the advantages of a living trust, I address 5 of them in particular:

1. Probate avoidance
2. Control
3. Creditor protection for beneficiaries
4. Privacy
5. Estate tax minimization

If you create trusts under your Will rather in a separate document, those trusts can't be funded during your life (since your Will has no effect until death). As a result, you will need a probate. Your beneficiaries also don't get privacy, since the trust information is all located in your Will, which is a public document. But the other three advantages still exist.

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» Nabokov's Laura and the Disobedient Executor

I've talked before -- most recently, here -- about executors who don't obey the wishes of decedents, and refuse to burn their works. Vladimir Nabokov's case (which involves this scenario) has been in the news lately, in a two-part series in Slate entitled The Fate of Nabokov's Laura:

Part 1

Part 2