Estate and Incapacity Planning Documents

Free CFP Exam lesson in Estate Planning. 14 min read, ~2,160 words.

A will controls only probate assets and has zero effect during the testator's lifetime. A revocable living trust avoids probate and manages incapacity but does not reduce estate taxes (an irrevocable trust does that). An RLT must be funded by retitling assets into it; unfunded, it is useless for probate...