Estate Planner Jan-Feb 1997
1. Provides standardized procedures and court supervision.
2. Often provides for shorter creditor claims limitation period.
3. Saves the grantor time and money during lifetime by avoiding the costs associated with a living trust, including recording fees, attorney as fees for drafting documents, and transfer fees.
4. Provides protection for disabled or incompetent interested parties through probate process.
5. Provides procedures to financially protect the surviving spouse through elective share.