The main difference between a revocable trust and a will in Wyoming is that a revocable trust does not subject your estate to the significant cost and expense of a probate, but a will does.
Many people think that if they have a Will, they have planned enough, and do not need to go to the time and expense of further planning. However, once someone has obtained sufficient assets (which isn’t hard in this day and age), a Will may not be enough.
If the gross value (note that it does not matter how encumbered the asset is) of assets not held in the form of ownership which provides a right of survivorship (i.e. joint tenancy, life insurance and IRAs), and not held in a Living Trust, is greater than a certain dollar amount, which can vary over time and from state to state, then those assets must be probated. probated.
The fact that someone has a Will does not keep the estate from needing to be probated.
|1st $100,000 - 4% of gross value of estate
|2nd $100,000 - 3% of gross value of estate
|Next $800,000 - 2% of the gross value of estate
|Next $9,000,000 - 1% of gross value of estate
|Next $15,000,000 - 0.5% of gross value of estate
If assets are held in forms of ownership which do not require a probate, the estate can be settled and administered without court intervention and, depending on the size of the estate and type of assets held therein, can be administered in a matter of months . Also, in these situations the attorney’s fees usually are based on the amount of work performed to settle and administer the estate, not the size of the estate. This can be much less costly than if the estate needed to probate.
Apart from costs and time of administration, estate taxes also become a concern. Although a Living Trust does not provide any more tax protection than a Will for a single person, the Living Trust can provide a great tax advantage for married couples with larger estates, by, in essence, doubling the Unified Tax Credit available for a decedent’s estate. Establish your own trust with our trust attorney through the links. here.