Living Trusts : Nowadays, in terms of planning for the hereafter, it is generally recommended that a person set up a Living Trust, rather than a Will, for three reasons. First a Living Trust is more cost effective because when a person passes away with a Will they are subject to probate which often entails expensive attorneys fees and court costs. Administering a Living Trust is generally more cost effective than administering a Probate. Second, Probate is often time consuming because it involves the oversight of the court. A Living Trust can be administered without the oversight of the court, and thus, tends to move more rapidly. Third, for those concerned about privacy, Trusts are preferable to Wills because , if your Estate is subject to Probate, when you die your assets will have to be disclosed to the court in an Inventory and Appraisal and your net worth and assets become a matter of public record.