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Feature Last Will and Testament Revocable Living Trust
Probate Requirement Must go through probate court. Bypasses the probate process.
Privacy Becomes a public record. Remains a private document.
When it Takes Effect Only after death. Can manage assets during your life.
Control of Assets Distributed in a lump sum. Can be distributed over time.
Incapacity Planning Does not manage assets if you are ill. Successor trustee manages assets.
Cost Less expensive to draft. More expensive to draft and fund.