ES: THE ESTATE PLAN ANALYZER

TO AVOID OR NOT TO AVOID PROBATE

1. Probate

Advantages

Disadvantages

2. Procedures available to avoid probate

3. Joint tenancy

Useful for following assets:

Advantages

Disadvantages

Tax consequences.

Totten trusts or pay-on-death accounts.

Private annuities

Premarital and postmarital agreements

Employee benefits-the forgotten asset

Life insurance

Power of appointment

Power of withdrawal.

Use in place of automatic distribution to beneficiary of trust; Under these circumstances the beneficiary may not wish to or may be unable to exercise the power.

Trusts (revocable and irrevocable)

Advantages

Disadvantages

Danger of irrevocable trusts for living persons

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