32:["$","$L33",null,{"category":"$34","relatedArticles":[{"id":"cG9zdDoyNzY4NTE=","databaseId":276851,"postId":276851,"author":{"node":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1586,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTUxMw==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19513,"categoryId":19513,"link":"https://smartasset.com/trusts/articles","name":"Trusts","postCount":{"pageInfo":{"offsetPagination":{"total":187,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"trusts","ancestors":{"nodes":[{"name":"Estate Planning","slug":"estate-planning","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Estate Planning","id":"dGVybTo4MjYw","slug":"estate-planning","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$35","date":"2025-02-11T18:25:40","excerpt":"

\n","featuredImage":{"id":"cG9zdDoyNzY4NTU=","databaseId":276855,"altText":"A woman reviewing the key differences between living and revocable trusts.","date":"2025-02-11T18:20:48","fileSize":187903,"mimeType":"image/jpeg","modified":"2025-02-11T18:21:45","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2025/02/iStock-1972344002.jpg","__typename":"MediaItem"},"modified":{"datetime":"2025-2-11","readable":"February 11, 2025","readableExtended":"February 11, 2025, 6:25pm ET"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. 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When it comes to planning your estate, knowing the differences between living and revocable trusts is important. Both options can offer you ways to manage and distribute your assets while avoiding probate. But, they have distinct features that may impact your financial and legal strategy. Choosing the right trust depends on your goals. These can include maintaining control over assets, minimizing taxes or distributing an inheritance. A financial advisor can help evaluate your estate and guide you toward the trust that aligns with your objectives.

","

What Is a Living Trust?

","

A living trust is a legal document that allows you to place your assets into a trust during your lifetime. These assets are then managed by a trustee — either yourself or a designated individual — for your beneficiaries.

","

One of the primary benefits of a living trust is that it bypasses probate, which can allow for a quicker and more private transfer of assets after your death.

","

Living trusts can include specific instructions that could determine how and when beneficiaries receive assets. This type of trust is an effective tool for streamlining estate planning as it provides clear guidance on asset distribution.

","

What Is a Revocable Trust?

","

A revocable trust is a specific type of living trust that can be modified, amended or revoked during the grantor’s lifetime. This flexibility makes it a popular choice for those who want to retain control over their assets and make adjustments as circumstances change.

","

For example, you might set up a revocable trust to handle your investments. This type of trust allows you to make changes, such as adjusting your financial situation or modifying beneficiaries, as needed. When you pass away, the revocable trust becomes irrevocable, and your assets are distributed as you specified.

","

Revocable trusts are particularly beneficial for those who anticipate life changes like marriage, divorce, or having children. They offer flexibility in estate planning, allowing adjustments without needing a total rewrite.

","

Revocable Living Trust vs. Irrevocable Living Trust

","

","

While a revocable living trust is one type of living trust, another common type is the irrevocable living trust. They share some similarities, but knowing the differences is important for your estate plan. Here’s how they compare in four common ways:

","$42","

How to Choose the Right Trust for You

","

Choosing between a living trust and a revocable trust involves evaluating your goals, financial situation and long-term plans. Here are five factors to consider:

","$43","

Bottom Line

","

","

Knowing the differences between living and revocable trusts is important for effective estate planning. Both types can help you avoid probate and manage assets, but they have different features to serve specific needs. A financial advisor or estate planning attorney can help you select which trust can protect your legacy and meet your financial goals.

","

Tips for Estate Planning

","$44","

Photo credit: ©iStock.com/Marizza, ©iStock.com/Light Design, ©iStock.com/thodonal

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When planning your estate, you should understand different trust options available, such as testamentary trusts and living trusts. A testamentary trust is created through a will and only becomes active after the death of the person who made it. A living trust, on the other hand, is established during an individual’s lifetime and assists in […]

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","

If you are creating an estate plan, a financial advisor can help you decide on a specific trust based on your circumstances and the needs of your beneficiaries.

","

What Is a Testamentary Trust?

","

A testamentary trust is a legal arrangement established through a will, which comes into effect upon the death of the individual who created the will, known as the testator. This type of trust is designed to manage and distribute the testator’s assets according to their wishes, providing a structured way to provide beneficiaries their inheritance under specific conditions. Unlike living trusts, which are created during a person’s lifetime, testamentary trusts are activated only after the testator’s passing, offering a posthumous method of asset management.

","

One of the primary benefits of a testamentary trust is its ability to provide financial security and oversight for beneficiaries who may not be ready to manage large sums of money independently. This is particularly beneficial for minor children or individuals with special needs, as the trust can stipulate how and when funds are distributed. Additionally, testamentary trusts can offer tax benefits and protect assets from creditors, making them an attractive option for estate planning.

","

What Is a Living Trust?

","

A living trust is a legal arrangement that allows an individual, known as the grantor, to place assets into a trust during their lifetime. This type of trust is designed to manage, protect and distribute assets according to the grantor’s wishes upon their death. Unlike a will, a living trust can help bypass the often lengthy and costly probate process, providing a more efficient transfer of assets to beneficiaries. This can be particularly beneficial for those who wish to maintain privacy, as the details of a living trust are not made public, unlike a will.

","

One of the primary advantages of a living trust is its flexibility. The grantor can modify or revoke the trust at any time, as long as they are mentally competent. This means that as life circumstances change, the terms of the trust can be adjusted to reflect new wishes or financial situations.

","

Additionally, a living trust can provide continuity in asset management if the grantor becomes incapacitated. In such cases, a successor trustee appointed by the grantor can take over to manage trust assets and handle financial affairs according to the grantor’s instructions.

","

Differences Between a Living Trust and a Testamentary Trust

","

","

Both testamentary and living trusts are designed to help manage and distribute assets. But, they operate in distinct ways that can significantly impact your estate planning strategy. Here are four general differences to consider:

","$52","

How to Choose the Right Trust for You

","

Deciding between a living trust and a testamentary trust depends on your goals and the needs of your beneficiaries. A living trust could help you avoid probate, keeping your estate private and allowing you to update terms as needed. Comparatively, a testamentary trust, which is created through a will, takes effect after your death and is useful for controlling distributions over time, especially when minor children or beneficiaries with special needs are involved.

","

If avoiding court involvement and maintaining privacy matter most, a living trust is likely the better choice. But, if you prefer a structured approach to distributing assets after death, a testamentary trust may be more suitable. Consider how soon your beneficiaries need access to funds, whether you want ongoing management and how much control you want over distributions.

","

An estate planning attorney or financial advisor can help you decide based on your assets, family situation and long-term goals. They can also explain tax implications, trustee responsibilities and how each trust type aligns with your estate plan.

","

Bottom Line

","

","

Testamentary trusts take effect after death, controlling asset distribution, which is helpful for minors or those with special needs. Living trusts start during your lifetime, avoiding probate and allowing faster, private transfers. The right choice depends on your goals and how you want your estate managed.

","

Estate Planning Tips

","$53","

Photo credit: ©iStock.com/Bojan89, ©iStock.com/Pranithan Chorruangsak, ©iStock.com/

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A survivor’s trust is a type of trust that is used in estate planning as part of a joint trust arrangement. It is typically established between spouses and comes into play upon the death of the first spouse. This trust allows the surviving spouse to retain control over the assets in the trust. The trust is also not included in the estate for probate purposes. This arrangement can help provide financial security and flexibility for the surviving partner. You may want to talk to a financial advisor to better understand if a survivor’s trust is right for you.

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What Is a Survivor’s Trust

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A survivor’s trust is a tool of estate planning designed to provide financial security and continuity for a surviving spouse after the death of their partner. This type of trust is typically established as part of a joint revocable living trust created by a married couple.

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Upon the death of the first spouse, the trust splits into two or more sub-trusts, one of which is the survivor’s trust. By enabling the surviving spouse to maintain control over their share of the assets, this type of trust can help them have the necessary resources to support their lifestyle and manage ongoing expenses.

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One of the primary benefits of a survivor’s trust is its ability to simplify the management of assets for the surviving spouse. In particular, the surviving spouse can avoid the often lengthy and costly probate process.

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This trust also provides flexibility, allowing the surviving spouse to make decisions regarding the assets, such as selling property or making investments, without needing court approval. Additionally, a survivor’s trust can offer tax advantages for very large estates, as it may help minimize estate taxes by utilizing the deceased spouse’s estate tax exemption.

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When a couple establishes a joint revocable living trust, they typically include provisions for what happens upon the death of either spouse. At that point, the trust is divided, and the survivor’s trust is created to hold the surviving spouse’s share of the assets.

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The surviving spouse typically serves as the trustee, managing the trust’s assets according to the original agreement’s terms. This role allows the surviving spouse to access necessary funds while preserving the estate for future beneficiaries, such as children or other heirs.

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Reasons to Use a Survivor’s Trust

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By structuring a survivor’s trust, couples can take advantage of estate tax exemptions, which could help minimize the overall tax burden on the estate.

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This is especially important for some high-net-worth individuals who may face substantial estate taxes. The federal estate tax as of 2025 applies only to couples with estates worth over $27.98 million, but the tax can be as high as 40%. State estate taxes may also apply to estates of less value.

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Additionally, a survivor’s trust can offer asset protection, shielding the surviving spouse’s inheritance from creditors or legal claims. This helps preserve the estate’s value for future generations.

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Survivor’s trusts provide improved flexibility and control over asset distribution. The surviving spouse can manage and use trust assets according to their needs. This flexibility helps survivors adapt to changing circumstances, such as unexpected medical expenses or shifts in financial markets.

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Moreover, the trust can be tailored to include specific instructions on how and when the assets should be distributed to beneficiaries. In this way, the surviving spouse can honor the deceased spouse’s intentions while maintaining control.

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In blended families, a survivor’s trust can help maintain harmony by clearly defining asset distribution. This could help reduce potential disputes among heirs. With a clear and legally binding plan, all family members can understand their roles and expectations, fostering a sense of security and unity.

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Survivor’s Trust vs. Bypass Trust

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A bypass trust, also known as a credit shelter trust, is primarily used to minimize estate taxes. When the first spouse dies, a portion of their estate is transferred into the bypass trust, up to the estate tax exemption limit.

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A bypass trust is irrevocable, meaning its terms cannot be changed once it is established. The surviving spouse can benefit from the trust’s income and, in some cases, principal, but the assets in the bypass trust are not considered part of the surviving spouse’s estate upon their death. This move helps preserve wealth by reducing the taxable estate.

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If your primary concern is ensuring that your spouse has full control over the assets and can adapt to changing financial needs, a survivor’s trust might be the best option. However, if minimizing estate taxes and preserving wealth for your heirs is a priority, a bypass trust could be more beneficial.

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How to Create a Survivor’s Trust

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Creating a survivor’s trust begins with drafting a comprehensive trust document. This document outlines the terms and conditions of the trust, including how assets will be managed and distributed.

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An experienced estate planning attorney can help you draft a legally sound trust that aligns with your specific goals. They assist in identifying which assets to include in the trust and determine their allocation between the surviving spouse and other beneficiaries.

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After establishing a trust, the next step is to fund it by transferring assets into the trust’s ownership. This involves retitling assets—such as real estate, bank accounts and investments—so that the trust becomes the legal owner. Then, once the trust is created and funded, review and update it regularly and after major life events.

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Finally, take note that selecting the right trustee is a key part of creating a survivor’s trust. The trustee is responsible for managing the trust’s assets and ensuring that the terms of the trust are followed.

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Many people choose a trusted family member or friend to serve as the trustee, while others opt for a professional trustee, such as a bank or trust company. The choice of trustee may vary depending on the complexity of the trust, the nature of the assets and the level of expertise required to manage them effectively.

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Bottom Line

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A survivor’s trust can provide tax benefits by minimizing estate taxes, thereby preserving wealth for future generations. It can also offer protection against creditors and potential legal challenges. Additionally, assets held in a survivor’s trust typically avoid probate, facilitating a smoother transition to beneficiaries.

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Tips for Estate Planning

","$66","

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According to EstateSales.net, a company that services the industry, the average estate sale brings in more than $18,000. Commissions and fees could be around 35%, which would leave the seller with just under $12,000. Estate sale companies oversee many sales, helping to organize, catalog, price and display items as well as advertise and conduct the […]

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Estate Sale Essentials

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An estate sale is a public sale of all or most of someone’s personal possessions, typically after death. The goal generally is to generate cash for the estate while clearing out the deceased’s home so the property can be sold. Unlike garage sales, which allow people to get rid of unwanted items, these sales aim to dispose of every item in the home.

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Items can range from fine art, antiques and high-end jewelry commanding prices of tens or even hundreds of thousands of dollars to used bed linens and worn-out kitchen utensils that bring pennies apiece to the estate. Similar sales, which may be called estate sales but that some prefer to call tag sales, may be held by a living person who is downsizing, as when they are moving to assisted living or a nursing home.

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Holding an Estate Sale

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While it’s possible hold your own estate sale, many are managed by companies specializing in the business. One reason for this is the emotional challenge of parting with items that may have been part of a household or family for decades. Recognizing this, professional estate sellers may request sellers and family members not be present during sales so they can more easily and dispassionately exchange mementoes for cash.

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To hold a sale, heirs or executor may start by soliciting bids from several estate sale companies. Bids will specify the services they provide and fees they charge. Sellers may also ask about the firms’ experience, marketing plans and pricing expertise. Membership in organizations such as the American Society of Estate Liquidators (ASEL) may indicate a firm is credible and established and follows industry guidelines and ethical standards.

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Another issue is how the sale will be conducted. In-person auctions on the premises of auction companies are sometimes used for high-value estates. Online auctions have become popular in recent years. Many sales still occur face-to-face in private homes and feature set price tags, although negotiation is typical. Sales generally happen over three or four days, with tagged prices dropping each day.

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Estate sale company services often include appraising, selecting, preparing and displaying items. Representatives typically come the house a few days beforehand to attach price tags, clear clutter and otherwise prepare for the event. Advertisements, placards, email lists and other marketing tools attract buyers. These may include individuals looking for inexpensive items for personal use and dealers with shops who plan to resell purchases at a profit. After the event, some companies transport unsold items to their own or another consignment store, or take them to donate or dispose of as trash.

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Estates that seem hard to market, such as the cluttered residences of hoarders of large numbers of low-value items, may pay higher commissions than homes with lots of valuable goods already displayed to advantage. Cleaning, hauling and ancillary services may command additional fees. Less commonly, taxes could be a concern, but this likely only applies when items have appreciated more than their fair market value since they were inherited.

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Average Sale Proceeds

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The Estatesales.net survey found average gross sales, before commissions and fees, came to $18,565 in 2018. A previous survey in 2017 used a different question and found sales averaged $11,249.

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These results don’t include do-it-yourself sales. That’s potentially significant because companies typically refuse to conduct sales for estates with too few salable items or with too little overall value. Respondents to the survey said they turned down opportunities that promised less than $8,228 in sales.

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Geography, economic conditions and weather can all act to elevate or depress the proceeds from any given estate sale. But the number and especially the value of items is commonly the main determinant. Some can generate six- or even seven-figure sums. For most, however, after the house has been emptied and the fees paid, the end result is likely to be barely within the five-figure realm.

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Bottom Line

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Estate sales aim to sell everything in the personal home of someone who has died or, sometimes, downsized, for as much as possible in only a few days. Professional estate sale companies charge around 35% of gross proceeds in exchange to relieving heirs and executors of most or all the details of disposing of the personal possessions included in an estate. After fees and commissions are applied to the $18,000 average gross proceeds, sales generally can deliver just under $12,000 to the estate.

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Estate Planning Tips

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